UniCredit today announced an agreement with MBCredit Solutions ("MBCS") and an affiliate of Cerberus Capital Management, L.P. ("Cerberus") in relation to the disposal on a non-recourse basis (pro-soluto) of a portfolio of Italian Small and Medium Enterprise ("SME") non performing secured and unsecured loans.
The portfolio consists entirely of Italian credits with a gross book value ("GBV") of approximately € 715 millions. MBCS has bought the unsecured portion with a GBV of approximately € 450 millions and Cerberus has bought the secured portion with a GBV of approximately € 265 millions. The impact will be reflected in the fourth quarter 2017 financial statements.
The agreement is part of UniCredit's on-going strategy to reduce non performing exposures.
Milan, November 27th, 2017