trending Market Intelligence /marketintelligence/en/news-insights/trending/abpoigdkpgbxjlhfwcbzog2 content esgSubNav
In This List

Report: Goldman Sachs, 2 others emerge as final bidders for AIB's NPL portfolio

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on LGD

BLOG

Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing


Report: Goldman Sachs, 2 others emerge as final bidders for AIB's NPL portfolio

Allied Irish Banks Plc has picked Goldman Sachs Group Inc., Lone Star Global Acquisitions Ltd and Cerberus Capital Management LP for the final round of bidding for a portfolio of soured commercial real estate loans and residential rental mortgages, the Irish Independent reported Feb. 23.

The loans in the portfolio, dubbed Project Redwood, were once worth €3.7 billion.

The majority state-owned bank is believed to have imposed tough conditions for the sale and is requiring the successful bidder to have a regulated lending entity in Ireland. Both Lone Star and Cerberus own banking entities, or retail credit firms, that are authorized by the Central Bank of Ireland, according to the report.

The sale is part of AIB's plan to reduce nonperforming loans to between €3 billion and €4 billion by 2019-end and boost the asset quality of its balance sheet amid mounting pressure from European regulators for Irish lenders to write off their soured loans.