UniCredit announces today an agreement with a securitization vehicle managed by J-Invest S.p.A. ("J-Invest") and with a securitization vehicle managed by Banca Interprovinciale S.p.A. ("Illimity") in relation to the disposal of a portfolio of Italian Small and Medium Enterprise non performing unsecured loans, on a non-recourse basis (pro-soluto).
The portfolio consists entirely of large tickets Italian exposures with a total gross claim value ("Claim") of approximately € 590 million. J-Invest has bought a portion of the portfolio with a Claim Value of approximately € 384 million and Illimity has bought the portion with a Claim Value of approximately € 206 million.
The impact is expected to be reflected in the fourth quarter 2018 financial statements.
The sale is part of UniCredit's on-going strategy to reduce non performing exposures.
Milan, November 29, 2018
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