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UniCredit announces to have reached an agreement on the sale of a non performing consumer and personal loans credit portfolio

UniCredit today announces to have reached an agreement with Cerberus European Investments, LLC. ("Cerberus") in relation to the disposal on non-recourse basis (pro-soluto) of a non performing unsecured consumer and personal loans credit portfolio.

 

The portfolio consists entirely of Italian loans with a gross book value of approximately €950 million and with a coverage in excess of 90%. The sale is part of UniCredit's on-going activities to sell non-core assets and strengthen its credit profile.

 

UniCredit anticipates that the transaction to be closed by 28 February 2014 and the impact will be reflected in Q1 2014 balance sheet.

 

Milan, December 24, 2013