Ulster Bank Ireland DAC agreed to sell an €800 million portfolio of nonperforming mortgages to U.S. private equity firm CarVal Investors for an undisclosed sum, The Irish Times reported, citing the bank.
The nonperforming mortgages portfolio comprises 2,800 owner-occupier loans with a face value of €715 million, the report noted. The legal owner and servicer of the mortgages will be Pepper Finance Corp. (Ireland) Ltd., the lender said in a statement.
Royal Bank of Scotland Group PLC is the parent of Ulster Bank Ireland.
