UniCredit has reached an agreement with Banca Ifis ("IFIS") in relation to the disposal on a non-recourse basis (pro-soluto) of a non performing unsecured Individual credit portfolio, in Italy.
The portfolio consists entirely of Italian unsecured Individual credits, including Salary Backed Loans (CQS) with a claim value of approximately €155 million. The economic impact will be reflected in the second quarter 2020 financial statements.
UniCredit and Banca Ifis have also reached an agreement for the disposal of up to €180 million of Italian unsecured consumer loans, originated from first quarter 2020 to the end of the year of which 30 mln already disposed in June.
The agreement is part of UniCredit's on-going strategy to reduce non performing exposures.
Milan, 2 July, 2020
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