SYDNEY: National Australia Bank on Tuesday said it will sell an additional 1.2 billion pounds ($1.88 billion) of mostly non-performing UK commercial property loans to private equity firm Cerberus Global Investors.
NAB, Australia's fourth largest bank by market value, has made exiting its UK operations a priority after writedowns for the troubled business led to a 10 percent decline in annual cash profit.
In July, it had agreed to sell 625 million pounds of mostly non-performing UK commercial property loans.
Following the sale announced on Tuesday, its UK commercial real estate portfolio will be reduced to 836 million pounds, compared to 5.6 billion pounds in October 2012, it said.
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