Dutch financial services company Rabobank has agreed to divest the remaining loan portfolio previously owned by ACC Loan Management for €800m.
The deal mark’s the Dutch group’s final exit from Irish retail banking.
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The overall transaction includes selling the secured loan portfolio to a consortium of Goldman Sachs and CarVal Investors and the unsecured loan portfolio to Cabot.
The divestment is part of the group’s plan to optimise its balance sheet by shedding non-core assets.
In a statement, Rabobank said that the latest sale is expected to have a small impact on its 2019 net profit and CET1 ratio.
“Rabobank’s Banking for Food strategy is the driving force behind the Group’s international portfolio,” the statement added.
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By GlobalDataAll customers impacted by the sale will be informed by an official letter. However, they would continue to be protected by central bank regulations.
Established in 1927, state-owned bank Agricultural Credit was acquired by Rabobank in 2002. The bank was subjected to significant losses during the economic meltdown.
In 2014, Rabobank handed back the licence of the bank to the central bank of the country, following which it was rebranded as ACC Loan Management.
Though it surrendered the licence, Rabobank continued to own the remaining loan portfolio of the lender in the subsequent years.
