UniCredit Sells NPL Portfolio of EUR450 Million
July 26 2019 - 3:22AM
Dow Jones News
By Pietro Lombardi
UniCredit SpA (UCG.MI) has reached an agreement with illimity
SpA and Guber SpA for the sale of a nonperforming loans portfolio
with a gross claim value of 450 million euros ($501.3 million).
The portfolio consists of unsecured NPLs to Italian small and
medium firms, UniCredit said Friday. The Italian bank said the
impact of the sale is already included in its second-quarter
results.
Illimity acquired a part of the portfolio with claim value of
EUR240 million, with Guber buying the remaining portion.
"The sale is part of UniCredit's ongoing strategy to reduce
nonperforming exposures," it said.
On Thursday, the bank said it had agreed to sell an NPL
portfolio of EUR1.1 billion to a securitization vehicle financed by
SPF Investment Management LP.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
July 26, 2019 03:07 ET (07:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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