BofI to sell UK loans portfolio
Bank of Ireland said it has agreed to sell a portfolio of UK infrastructure project finance loans, with total drawn and undrawn commitments of about €200 million.
The bank said the loans will be sold to Aviva Special PFI LP, an investment vehicle established and managed by Aviva Investors, for a price of 81 per cent of their worth.
"The bank expects that it will be able to complete its target of €10 billion of divestments within the overall base case assumptions used as part of the 2011 Prudential Capital Assessment Review," the Dublin-based lender said.
On 24 April 2012, the Bank announced that it had completed or contracted divestments amounting to €9.5 billion (at an average discount of 7.6 per cent).