Anglo Irish Bank’s bid to raise cash in the face of worsening market conditions continued today with the announcement it would be divesting its second private banking unit in ten months.

Anglo Irish has sold its Austrian private banking division to listed Swiss banking group Valartis. The business has assets under management of Sfr2bn (€1.26bn), employs 100 staff and looks after 3,500 wealthy individuals. The two companies declined to give a figure on the size of the deal.