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UniCredit Leased Asset Management kicks off

UniCredit's REOCO (Real Estate Owned Company) purpose will be to safeguard the value of the real estate collaterals and optimise their management.

 

 

The new company called UniCredit Leased Asset Management (UCLAM) is operationally effective as of today. The REOCO was established to optimize the management of repossessed real estate assets for UniCredit Leasing and to preserve  the value of real estate collaterals connected to loans of UniCredit SpA customers -  through the intervention in real estate auctions related to secured loans, allowing a more efficient realization of the real estate assets.

 

The company's target is fully in line with the accelerated rundown of the Non-Core portfolio by 2021.

 

The new entity, 100% owned by UniCredit Leasing S.p.A. (UCL), becomes operational in the second quarter of 2019, following the de-merger of the Leased Asset Management division and the real estate repossessed portfolio already owned by UniCredit Leasing SpA. The focus will be on real estate assets related to business activities, ranging from industrial storage spaces, commercial properties, assets in hospitality industry. Residential properties owned by private individuals are not included.

 

UniCredit's CRO, TJ Lim, commented on the incorporation of the Company: "This operation provides UniCredit Group with an important new tool to speed up the achievement of the objectives for reducing Non-Performing Exposures (NPE) set out in the "Transform 2019" Plan".

 

The Chief Executive Officer of UniCredit Leasing, Enrico Verdoscia, added: "Through the subsidiary UCLAM, UniCredit Leasing is endowed with greater flexibility and efficiency in the end to end  management of leased assets with a particular focus on the management and remarketing of repossessed assets" .

 

Sebastiano Musso, a manager with extensive experience in the UniCredit Group, has been appointed Chief Executive Officer of UCLAM.

 

 

Milan, 1 April 2019

 

 

 

Enquiries

 

Media Relations

Tel +39 02 88623569  

e mail: mediarelations@unicredit.eu