Secure Trust Bank Plc sold an unsecured personal loan portfolio to Alpha Credit Solutions 8 Sàrl, a company owned by AnaCap Financial Partners LLP's AnaCap Credit Opportunities III LP, marking the British bank's full exit from the unsecured personal loan market.
Net proceeds from the sale are expected to total £36.6 million and will be used for general corporate purposes. The profit arising from the sale of the portfolio is expected to be about £500,000, according to the bank.
The transfer of the portfolio to a third-party administrator appointed by the buyer is expected to be completed by March 14, 2018. Until then, the portfolio will remain under Secure Trust Bank's administration.
As of June 30, the net book value of the portfolio was £48.5 million.