Metro Bank Plc said it bought a mortgage portfolio from a company owned by U.S. private equity firm Cerberus Capital Management LP for 596.7 million pounds ($768.2 million), augmenting its loan book with primarily buy-to-let mortgages.

The British lender, which offers retail, business and private banking, said all lending in the portfolio is secured on property and has a similar credit risk profile to its current mortgage book.

“The acquisition of this high-quality loan Portfolio supports our high-growth, organic business model as we track ever closer to our 2020 guidance,” Chief Executive of Metro Bank, Craig Donaldson, said.

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