Royal Bank of Scotland Sells Irish Real-Estate Loans
December 07 2015 - 03:21AM
Dow Jones News
By Simon Zekaria
LONDON--Royal Bank of Scotland Group PLC (RBS) said Monday its
units Ulster Bank Ireland Ltd. and Ulster Bank Ltd. have agreed to
sell a portfolio of Irish real-estate loans to a unit of Cairn
Homes PLC (CRN.LN) and an affiliate of Loan Star Funds for around
GBP360 million ($544 million) in cash.
The bank, which is 73%-owned by the U.K. government, expects
completion of the deal at the end of the year. It said it will use
the proceeds from the deal for general corporate purposes.
It added the transaction is in line with its strategy of
strengthening its capital position and reducing its risk
exposure.
Write to Simon Zekaria at simon.zekaria@wsj.com
(END) Dow Jones Newswires
December 07, 2015 03:06 ET (08:06 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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