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Ulster Bank Ireland to sell €1.4B NPL portfolio to Cerberus affiliate

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Ulster Bank Ireland to sell €1.4B NPL portfolio to Cerberus affiliate

Ulster Bank Ireland DAC agreed to sell a portfolio of nonperforming mortgage loans worth around €1.4 billion to an affiliate of U.S.-based private equity fund Cerberus Capital Management LP.

The loan book comprises roughly €740 million in buy-to-let loans from about 2,900 accounts and around €615 million in private dwelling home loans from about 2,300 accounts, a spokesperson for the bank said, adding that the portfolio does not contain any performing home loans or any home loans in an arrangement.

Ulster Bank said in May that it was planning to sell a roughly €1.6 billion portfolio of defaulted mortgages.

U.K.-based Royal Bank of Scotland Group PLC is the parent of Ulster Bank Ireland.