UniCredit Sells EUR590 Million Bad-Loans Portfolio
November 29 2018 - 09:47AM
Dow Jones News
By Pietro Lombardi
UniCredit SpA (UCG.MI) is selling a portfolio of unsecured
nonperforming loans with a total gross claim value of roughly 590
million euros ($667.3 million), it said Thursday.
The deal is part of the Italian bank efforts to reduce its
nonperforming exposure, it said.
The portfolio is made of Italian Small and Medium Enterprise
nonperforming unsecured loans, the lender said.
The bank has reached an agreement with a securitization vehicle
managed by J-Invest SpA and with a securitization vehicle managed
by Banca Interprovinciale SpA.
"The impact is expected to be reflected in the fourth quarter
2018 financial statements," the bank said
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 29, 2018 10:32 ET (15:32 GMT)
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