purchased a $1.4 billion multifamily and commercial real estate loan portfolio from Citibank
Thursday, as it expands its CRE lending business.
"This portfolio purchase represents our ongoing commitment to commercial real estate lending," said Joseph Otting, president and chief executive of OneWest. "We are excited to add quality earning assets to our balance sheet and look forward to providing all of the banking services that OneWest has to offer to our new customers."
The portfolio includes about 600 loans. The terms of the deal weren't disclosed.
OneWest is privately held retail banking firm based in Pasadena, Calif. Citibank is a unit of Citigroup (C)
, which earned $2.15 billion, or 7 cents a share
, for the third quarter.
Write to Christine Ricciardi
Disclosure: The author holds no relevant investments.