AIB Group agreed to sell a non performing loan portfolio to Everyday Finance DAC for €0.8bn as the bank seeks to rein in its non performing exposure. The company said it remained on track to cut its non-performing exposure (NPE) to about 5% by end 2019. The sale was part of a consortium arrangement with Everyday and affiliates of Cerberus Capital Management. The loan portfolio had a gross NPE value of €1b and a fully loaded risk weighted assets position of €0.75bn. In the year to December 2018, the loan portfolio incurred a loss of €11m. At completion, AIB would receive cash consideration of approximately €0.8bn, with the proceeds expected to be used for ;general corporate purposes including the continuation of support for customer restructuring, the company said. The conclusion of the transaction would be capital accretive, it added. At 8:05am: (LON:AIBG) AIB Group Plc share price was +0.04p at 4.04p
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.