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Report: Permanent TSB close to selling remainder of UK biz to Cerberus

CerberusCapital Management LP is understood to have been picked byPermanent TSB Group HoldingsPlc as a preferred bidder for Capital Home Loans Ltd.'s mortgage portfolio, ThomsonReuters' IFR reported Oct. 4, citing "three people with knowledge of thesituation."

The remainder mortgage book, comprising mostly buy-to-letmortgages, totals about £2.5 billion, IFR reported, adding that Cerberusbought £2.5 billionin Capital Home Loans' assets and the legal Capital Home Loans entity in March2015.

Permanent TSB had until the end of June to sell its U.K.business, but soughta deadline extension from the European Commission to divest the unit.

The Irish lender said July 27 that the sale's timing wasuncertain due to the U.K.'s Brexit vote and that it was in talks withauthorities in relation to its restructuring plan commitments.