By Pierre Bertrand

UniCredit SpA said Thursday that it has reached an agreement with Illimity Bank SpA to sell a mixed nonperforming loans portfolio worth roughly 1.3 billion euros ($1.36 billion).

The Italian bank said the impact of the sale would be registered in its financial statements for the second quarter.

The company said the sale falls within its strategy to reduce nonperforming exposures.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

June 30, 2022 02:39 ET (06:39 GMT)

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