WASHINGTON - Corus Bank in Chicago said it has agreed to sell its student loan business to the Indiana Designated Account Purchase Plan and San Francisco-based Chela Financial.

The two will each buy half of Corus’ $450 million portfolio of student loans. The state-run Indiana outfit is to purchase the servicing business.

In a press release, Corus chief executive officer Robert Glickman said the sale will let his company “exit a business that, while profitable, was under constant pressure due to a long history of lender yield reductions legislated by the federal government.”

The sale will result in a pretax profit of about $23 million for Corus, the bank said. Mr. Glickman said funds freed up by the sale will be directed to Corus’ real estate lending business.

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