AIB’s agrees to sell portfolio to Goldman Sachs

AIB has agreed to sell a portfolio of around 1,500 non-performing buy-to-let property loans to Goldman Sachs.

The investment banking titan secured the portfolio for €200m (£169.76m), representing roughly half the original gross value of the loans.

AIB announced yesterday that it is now contacting borrowers to inform them of the loan transfer, which is tied to 1,200 homes.

The Project Cypress deal comes as AIB prepares to return to the stock exchange later this year. The near €3bn (£2.55bn) flotation will reduce the Government’s stake in AIB by 25%.