Nordea Bank Abp agreed to sell a nonperforming loans portfolio to Norwegian debt management company B2Holding ASA.

The portfolio consists of about unsecured 12,000 loans granted to private individuals with an aggregated face value of €388 million. The deal is expected to complete Oct. 31, while six employees will be transferred to Nordic Debt Collection, which is operated by B2Holding, on Dec. 1.

Following the completion of the transaction, Nordea expects a capital gain of between €35 million and €45 million, which will be included in its 2019 financial statements.