Danish financial institution Danske Bank has sold a portfolio of commercial loans to Bank of Ireland and Goldman Sachs. The face value of the total loan book was €540 million.

Bank of Ireland is acquiring a €274 million face value portfolio of performing commercial loans, comprising more than 1,000 customers in the SME, agriculture and commercial real estate sectors.

Separately, Goldman Sachs will acquire the balance of the portfolio, which will be managed by Pepper Asset Servicing. The transaction is expected to close shortly and is part of Danske’s scaling back of its operation in Ireland.

Commenting on its portfolio acquisition, Mark Cunningham, director of Bank of Ireland business banking said: "Bank of Ireland is pleased to have been able to avail of this opportunity to demonstrate our ongoing focus on further growing and developing our strong position in serving the business and agri sectors in Ireland.

“We look forward to welcoming these new customers to Bank of Ireland and working with them as they seek to develop and grow their own businesses and enterprises.”