Vulture investor Wilbur Ross, along with private equity firm Carlyle and Dublin-based Cardinal Group, will buy troubled Irish bank Education Savings Bank, Ross told CNBC Wednesday.
The consortium will buy the bank and pour capital into it, Ross said.
"Ireland has been a real miracle … then everybody there got too crazy with real estate speculation," he said.
But the Irish government shows "dedication to get their act together," he added.
"They're getting their deficits under control, so eventually they'll reduce their debts," Ross said.
Education Savings Bank has about $15 billion in deposits and the transaction could be completed as soon as next week, Ross said.
The Irish bank needs about 785 million euros ($1 billion) to meet new capital requirements, according to various press reports.
Ross said he would be looking for more buying opportunities in Ireland, but "not so much" in Greece at this point.
"We're less in favor of the ClubMed (Greece, Italy and Spain) countries than the northern countries," he added.