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UniCredit announces the sale of an Italian Small Medium Enterprise unsecured non performing loans portfolio

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

 

 

 

 

Enquiries

 

Investor Relations

Tel +39 02 88621028

e mail: investorrelations@unicredit.eu

 

Media Relations

Tel +39 02 88623569

e mail: mediarelations@unicredit.eu