Permanent TSB has agreed to sell its remaining £2.3bn UK loan book to Cerberus.
The deal follows the sale of half of the portfolio to Cerberus last year and is the last part of the €8.4bn deleveraging programme Permanent TSB agreed with the European Commission in 2015.
When the bank was bailed out by the Irish government in 2012, it changed its focus to concentrate on its retail banking business rather than on its commercial loan book.
James Masding, group chief executive, said: “This transaction is a milestone event for the group. It will complete our pivot to the Irish retail marketplace and allow us to focus exclusively on growing our commercial position in key segments of the market here.”
From 2012: Banks move to deal with finances
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