Pasadena, Calif.-based OneWest Bank FSB has purchased a $1.4 billion multifamily and commercial real estate loan portfolio from Citibank NA. The portfolio includes approximately 600 loans.
‘This portfolio purchase represents our ongoing commitment to commercial real estate lending,’ says OneWest Bank President and CEO Joseph Otting.
The transaction closes immediately and will be reflected on OneWest Bank's fourth-quarter financial statements. Terms of the deal were not disclosed.
The transaction also allows Citigroup to continue to shrink its assets in Citi Holdings, the bank's portfolio of non-core operating businesses. According to Citi, the deal will reduce GAAP assets by $1.4 billion in Citi Holdings. Upon completion of this and other previously announced deals, total assets in Citi Holdings will represent less than 20% of Citi's balance sheet at year-end.
SOURCES: OneWest Bank, Citi
