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LONDON (Alliance News) - AIB Group PLC on Monday said it has sold a non-performing loan portfolio to Everyday Finance DAC for EUR800 million in cash.
The bank will use the proceeds from the sale for general corporate purposes including the continuation of support for customer restructuring.
The loan portfolio sold has a gross non performing exposure value of EUR1.00 billion and a fully loaded risk weighted assets position of EUR750 million, said AIB. In 2018, the loan portfolio incurred a loss of EUR11 million.
The Irish bank said the sale was in line with its NPE deleveraging strategy, which aims to reduce NPEs to a "more normalised level". The bank said it is on track to reach 5% by end 2019.
AIB shares were trading 0.5% higher at EUR4.02 each on Monday morning.