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Report: AIB Group launches sale of NPL portfolio at €3.4B

Irish lender AIB Group PLC has launched the sale of a portfolio of nonperforming loans that were originally valued at €3.4 billion, The Irish Times (Dublin) reported.

A deal could generate about €1.4 billion for the group and is expected to conclude in the first half of 2019, sources told the newspaper.

AIB in May agreed to sell a nonperforming loan portfolio to Everyday Finance DAC as part of a consortium arrangement with the Irish credit management firm and affiliates of U.S.-based Cerberus Capital Management LP.