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Rabobank unit to sell loan portfolio

Netherlands-based Rabobank said March 13 that unit FGH BANK NV agreed to sell part of its loan portfolio with an outstanding balance of roughly €1.3 billion to Dutch lender RNHB Hypotheekbank BV.

The transaction is expected to close in the second quarter, subject to necessary regulatory approvals and the completion of the consultation process with employee representative bodies.

Rabobank said the transaction fits its commercial real estate strategy, noting that FGH Bank's loans and customers in line with the strategy were transferred to the bank in 2017. FGH Bank aims to phase out its activities in 2018, after which it would cease to exist as a separate legal entity.