RBS to sell Northern Ireland loan portfolio

27th May 2015 14:36

Royal Bank of Scotland said it has agreed to sell a portfolio of Ulster Bank loans in Northern Ireland to an entity affiliated with Cerberus Capital Management.It said the disposal represented the final material transaction for RBS Capital Resolution (RCR) in Northern Ireland.The bank said that at completion, it will receive a cash consideration of approximately £205m at current exchange rates. Completion is expected in June and the disposal proceeds will be used for general corporate purposes."This transaction forms part of the continued reduction of assets in RCR and is in line with the bank's plan to strengthen its capital position and reduce higher risk exposures," said RBS.