April 24, 2024, 03:09 PM

Barclays Plans to Divest Italian Mortgage Portfolio

Barclays (BCS) said Wednesday that Barclays Bank Ireland plans to divest its performing Italian mortgage portfolio, valued at about 3.3 billion euros ($3.53 billion), in a transaction to be financed through a securitization.

GoldenTree Asset Management funds and assets have agreed to purchase certain notes to be issued by Miltonia Mortgage Finance, a newly incorporated entity set to receive the portfolio, according to a regulatory filing.

Barclays is expected to receive cash proceeds of about 400 million euros. The sale is expected to occur during Q2.

The company said it will use the proceeds for general corporate purposes.

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