- AIB Group agreed to sell a non performing loan portfolio to Everyday Finance DAC for €0.8bn as the bank seeks to rein in its non performing exposure.

The company said it remained on track to cut its non-performing exposure (NPE) to about 5% by end 2019.

The sale was part of a consortium arrangement with Everyday and affiliates of Cerberus Capital Management.

The loan portfolio had a gross NPE value of €1b and a fully loaded risk weighted assets position of €0.75bn. In the year to December 2018, the loan portfolio incurred a loss of €11m.

At completion, AIB would receive cash consideration of approximately €0.8bn, with the proceeds expected to be used for ;general corporate purposes including the continuation of support for customer restructuring, the company said.

The conclusion of the transaction would be capital accretive, it added.

At 8:05am: [LON:AIBG] AIB Group Plc share price was +0.04p at 4.04p

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