Dutch bank Van Lanschot has sold €400m of commercial non-performing loans to Cerberus Capital Management.
The bank started the process of selling off its non-core assets in 2013 and said in a statement that the sale will accelerate the runoff.
At year end 2014, 5.8% or €3.1bn of Van Lanschot’s loan book were impaired loans. The sale of the portfolio to Cerberus reduces this by 2.5 percentage points.
The US equity giant has been one of the largest purchasers of non-performing loans over the past two years and looks set to continue the process into the second half of 2015.
