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UniCredit announces the sale of an Italian Small Medium Enterprise ("SME") secured and unsecured non performing credit portfolio

UniCredit today announced an agreement with MBCredit Solutions ("MBCS") and an affiliate of Cerberus Capital Management, L.P. ("Cerberus") in relation to the disposal on a non-recourse basis (pro-soluto) of a portfolio of Italian Small and Medium Enterprise ("SME") non performing secured and unsecured loans.

 

The portfolio consists entirely of Italian credits with a gross book value ("GBV") of approximately € 715 millions. MBCS has bought the unsecured portion with a GBV of approximately € 450 millions and Cerberus has bought the secured portion with a GBV of approximately € 265 millions. The impact will be reflected in the fourth quarter 2017 financial statements.

 

The agreement is part of UniCredit's on-going strategy to reduce non performing exposures.

 

 

Milan, November 27th, 2017

Enquiries

 

Investor Relations

Tel +39 02 88624324

e mail: investorrelations@unicredit.eu

 

Media Relations

Tel +39 02 88623569

e mail: mediarelations@unicredit.eu