Banco Santander (SAN) and Howden Group are working with Ireland's AIB Group on a significant risk transfer, or SRT, tied to about 2.5 billion euros ($2.91 billion) in project finance transactions, Bloomberg reported Tuesday, citing sources familiar with the matter.

AIB Group completed its first significant risk transfer in November 2024, according to the report.

The transaction is expected to close later this year, sources told Bloomberg.

The companies did not immediately respond to MT Newswires' requests for comments.

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