RBS Irish unit sells problem loans with $2.8 billion face value

A man shelters under an umbrella as he walks past a branch of the Royal Bank of Scotland in London, Britain, September 17, 2013. REUTERS/Stefan Wermuth/File Photo

The Irish unit of Royal Bank of Scotland has sold non-performing loans with a face value of 2.5 billion euro (2.25 billion pounds) to private equity firm Cerberus, the bank said on Monday.

The Project Oyster loan portfolio, a mixture of loans in the Republic of Ireland and Northern Ireland, is 71 percent business loans, 19 percent buy-to-let and 10 percent owner-occupied home loans, a spokeswoman said.

[Source:- Reuters]