By Humberto J. Rocha (June 21, 2022, 5:17 PM BST) – AIB Group PLC announced on Tuesday that it is selling its delinquent long-term loan portfolio for 400 million euros ($422 million) to a consortium of capital managers as part of its plan to reduce its exposure to non-performing assets.
The Ireland-based financial services firm said it has reached an agreement with Everyday Finance DAC and subsidiaries of Cerberus Capital Management and LCM Partners Ltd. to sell a portfolio of loans for 400 million euros in cash. He added that the funds will go toward company goals, including improving engagement with customers who find themselves in difficult financial situations.
The sale is scheduled for…
Stay one step ahead
In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.
Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and more!