IFG sells 50% of its mortgage business

IFG Group has sold 50% of its mortgage business to GE Capital for €13.3m.

IFG will use the funding to cut the group’s high debt and improve the health of its balance sheet after some costly expansion in the British market.

IFG’s shares fell 22 cent to €1.05 in late afternoon trading as the markets looked less than impressed by the news. By contrast, NCB Stockbrokers put a positive spin on the joint venture, saying it would boost IFG’s earnings.