Former AIB CFO plans €800m Portuguese assets and loans sale

Mark Bourke took over as finance head at Novo Banco earlier this year

Former CFO  of Allied Irish Bank Mark Bourke. Photograph: Reuters/Clodagh Kilcoyne

Former CFO of Allied Irish Bank Mark Bourke. Photograph: Reuters/Clodagh Kilcoyne

Portuguese lender Novo Banco, where former AIB chief financial officer Mark Bourke took over as finance head earlier this year, has agreed to sell almost €800 million of property assets and non-performing loans as it seeks to clean up its balance sheet.

The lender said on Monday it will sell €487.8 million of real-estate assets , comprised of 195 properties with industrial, commercial, land plots and residential uses, to funds managed by US distressed debt giant Cerberus by the end of the year.

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