Printer Friendly

GENTRA INC. ANNOUNCES SALE OF U.K. MORTGAGE PORTFOLIO

 TORONTO, July 30 /PRNewswire/ -- Gentra Inc. (formerly Royal Trustco Limited) today announced that its United Kingdom subsidiary Royal Trust Bank, London, has sold the bulk of its London based Sterling residential mortgage portfolio to Birmingham Midshires, the U.K.'s 13th largest building society.
 The sale price for the portion sold was very close to Gentra's book value of 160 million pounds sterling (C$305 million).
 "This is an important step towards generating the cash to close the transaction with Royal Bank," Gentra President and CEO James W. Miller said. "The sale, together with further planned asset dispositions and cash collections prior to closing allow us to continue to be very comfortable that we will have the cash required to complete the deal."
 Gentra is actively working on the sale of other UK residential mortgage portfolios and a further closing is expected in August.
 -0- 7/30/93
 /CONTACT: Sheila Robb, public affairs of Gentra, 416-981-6655/


CO: Gentra Inc. ST: Ontario IN: FIN SU:

WB -- NY024 -- 7673 07/30/93 10:42 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1993
Words:173
Previous Article:STATE MUTUAL TO ACTIVELY PURSUE DEMUTUALIZATION
Next Article:PHILADELPHIA $3.8 MILLION GENERAL OBLIGATION BONDS 'BB' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters