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Bank Of Ireland To Divest Loans Worth EUR0.59 Billion To Sumitomo - Quick Facts

11/28/2011 3:01 AM ET

The Governor and Company of the Bank of Ireland (BKIR.L,IRE: Quote) Monday reported agreeing to sell 0.59 billion euros worth of Project Finance loans to entities within the Sumitomo Mitsui Banking Corp., a subsidiary of Sumitomo Mitsui Financial Group Inc.(SMFG). The consideration is estimated to be around 85 percent of the total loan commitment, or about 84 percent of the amount drawn.

Proceeds from the transaction of around 0.47 billion euros may be used to repay debts to monetary authorities in accordance with the Bank's deleveraging plan. No impact is anticipated on the Core Tier 1 Ratio. Further, upon completion, the deal sees this year's deleveraging amount to around 1.55 billion euros.

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by RTT Staff Writer

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