A US investment group has bought car, vehicle and machinery loans originally worth hundreds of millions of euro on the books of Bank of Scotland (Ireland).

VHP Ireland, part of the US group Varde Partners, has acquired the loan book for an undisclosed sum as part of the rundown of Bank of Scotland (Ireland) by the UK bank Lloyds.

Certus, an independent banking service provider, is managing the wind-down of the Irish bank’s €30 billion loan book for Lloyds after the UK bank decided to exit the Irish market in 2010.