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Allied Irish Bank said it had AIB said it had agreed to sell a non-performing loan portfolio in long-term default to Mars Capital Finance Ireland for €0.4 billion as part of an ongoing effort to reduce its non-performing exposures.
The proceeds would be used for general corporate purposes, including the continuation of support for customer restructuring, the company said.
The company also confirmed it has entered into a non-binding agreement with Natwest to acquire a circa €4 billion portfolio of performing corporate and commercial loans.
Under the deal, employees would also be transferred to AIB from within Ulster Bank Ireland DAC's Commercial franchise directly involved in the day to day management of Natwest's loan book.
At 8:44am:
(LON:AIBG) AIB Group Plc share price was 0p at 1.27p
(LON:NWG) Natwest Group PLC share price was 0p at 147.5p