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9 months ago
RBS Irish unit sells problem loans with $2.8 billion face value
October 10, 2016 / 6:09 PM / 9 months ago

RBS Irish unit sells problem loans with $2.8 billion face value

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A man shelters under an umbrella as he walks past a branch of the Royal Bank of Scotland in London, Britain, September 17, 2013.Stefan Wermuth/File Photo

DUBLIN (Reuters) - The Irish unit of Royal Bank of Scotland has sold non-performing loans with a face value of 2.5 billion euro (2.25 billion pounds) to private equity firm Cerberus, the bank said on Monday.

The Project Oyster loan portfolio, a mixture of loans in the Republic of Ireland and Northern Ireland, is 71 percent business loans, 19 percent buy-to-let and 10 percent owner-occupied home loans, a spokeswoman said.

Reporting by Conor Humphries; Editing by Susan Fenton

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