AIB chose Apollo Global Management as preferred bidder for a loan portfolio the lender is selling, according to a person familiar with the matter. Apollo is now in exclusive talks to buy the portfolio known as Project Oak. The portfolio has a par value of about €1bn, the person added, although it will likely sell at a discount. Ireland’s banks have been selling off bad loans in recent years as a legacy of the financial crisis a decade ago. They are now under renewed pressure to reduce their level of older bad loans amid the economic reversal caused by the pandemic.

Source: Irish Independent February 17, 2021 02:37 UTC