Incoming NAB chief executive Andrew Thorburn said the sale was a "substantial de-risking" of the non-performing part of the UK portfolio. "As we signalled at the interim results in May we continue to look at opportunities to optimise return on equity by accelerating the sale of non-core assets," Mr Thorburn said.
The lender said the sale would reduce the gross loans balance of its UK commercial real estate portfolio by 20 per cent to £2. 38 billion at June 30, reducing gross impaired loans by 48 per cent.
National Australia Bank has confirmed it will sell £625 million ($A1. 12bn) of largely non-performing loans in its UK portfolio to an affiliate of Cerberus Global Investors.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
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