April 1, 2019 / 12:32 PM / 3 months ago

Citi, PIMCO to buy 5 bln pounds of UK taxpayers' loans from UKAR - source

April 1 (Reuters) - Citigroup and the world’s biggest bond investor PIMCO are putting the finishing touches to a deal to buy a 5 billion pound ($6.55 billion) loan portfolio from UK Asset Resolution, a source familiar with the matter told Reuters on Monday.

The deal, to be financed by PIMCO, is expected to be announced on Tuesday, the source said.

The portfolio comprises residential mortgages and unsecured personal loans taken by U.K. taxpayers during the financial crisis of 2008.

Credit Suisse is said to be advising UK Asset Resolution, an agency overseen by Britain's Treasury, on the deal, Sky News, which first reported the news, said here

PIMCO and Citi declined to comment, while UKAR did not immediately respond to Reuters’ request for comment.

($1 = 0.7631 pounds)

Reporting By Aparajita Saxena and Pamela Barbaglia in London; Editing by Shinjini Ganguli

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