UniCredit announces today an agreement with a securitisation vehicle managed by illimity S.p.A. ("illimity") and GAIA SPV (GAIA), a securitisation vehicle with noteholders Guber Banca S.p.A. ("Guber") and Barclays Bank PLC (Barclays), managed by Guber. The agreement concerns the disposal of an Italian Small and Medium Enterprise non-performing unsecured loans portfolio, on a non-recourse basis (pro-soluto).
The portfolio consists entirely of Italian large-ticket exposures with a total gross claim value ("Claim Value") of approximately € 702 million.
illimity has bought a portion of the portfolio with a Claim Value of approximately € 477 million and GAIA has bought approximately € 225 million.
The impact is already accounted in the second quarter 2020 financial statements.
The sale is part of UniCredit's on-going strategy to reduce non-performing exposures.
Milan, 21 July 2020
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