Morgan Stanley provided advisory services to the Irish lender. Credit: Volha_R/Shutterstock.

US-based GoldenTree Asset Management has agreed to acquire a portfolio of UK consumer loans valued at approximately €800m ($871.24m) from Bank of Ireland, reported Bloomberg News citing sources.

The deal involves loans used as collateral for a securitisation arranged by Citigroup, the people said.

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Structured into various tranches, the asset-backed deal will see GoldenTree’s managed funds purchasing the junior portion. Citigroup is set to arrange the remaining parts of the transaction.

Morgan Stanley provided advisory services to the Irish lender on the transaction.

The sale forms part of Bank of Ireland’s withdrawal from consumer lending operations within the UK market.

The bank had previously ceased offering personal loans and mortgages in collaboration with the UK Post Office and terminated a lending partnership with the AA at the end of the previous year.

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In January this year, Bank of Ireland announced more than €60m investment in branch improvements, including its largest single investment in ATMs in the last decade.

The bank has 169 branches across the Republic of Ireland and 13 in Northern Ireland,

Meanwhile, last month, Bank of Ireland named Eamonn Corcoran as Director for Area South.

In the new role, Corcoran will oversee 53 branches and outlets across Munster and South East Leinster (Carlow, Kilkenny, Wexford). This includes over 550 colleagues.

Eamonn, who has about 25 years of experience in financial services, first joined Bank of Ireland in 2000.

Since then, Eamonn held several senior roles including Head of Wealth Direct & Digital, Head of County for Clare and Tipperary, and most recently Head of County Cork.