AIB To Sell Long-Term Defaulted Loans For €400 Million

By Humberto J. Rocha (June 21, 2022, 5:17 PM BST) -- AIB Group PLC said on Tuesday that it is selling its portfolio of defaulted long-term loans for €400 million ($422 million) to a consortium of capital managers as part of its plan to reduce its exposure to nonperforming assets.

The Ireland-based financial services company said it had reached an agreement with Everyday Finance DAC and affiliates of Cerberus Capital Management and LCM Partners Ltd. to sell off a loan portfolio for €400 million in cash. It added that the funds will go toward corporate goals, including the improvement of engagement with customers who are in difficult financial situations.

The sale is projected to...

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