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Ulster Bank sells €2.5B Project Oyster NPL portfolio to Cerberus

Royal Bank ofScotland Group Plc unit Ulster Bank Ireland DAC sold a nonperforming with a face valueof €2.5 billion to CerberusCapital Management LP, TheIrish Times reported Oct. 10, citing the bank.

The portfolio, known as Project Oyster, mainly constitutesbusiness loans, with 19% relating to landlords' buy-to-let mortgages and 10%owner-occupied, the paper said. It is not clear how much Cerberus,a U.S. private equity firm, paid for the portfolio.

The Ulster Bank business comprises Ulster Bank Ireland inthe Republic of Ireland and Ulster Bank Ltd. in Northern Ireland.