UniCredit today has reached an agreement with Balbec Asset Management ("Balbec") in relation to the disposal on a non-recourse basis (pro-soluto) of a non performing unsecured Italian SME loans credit portfolio.
The portfolio consists entirely of Italian loans with a gross book value of approximately €570
million.
The sale is part of UniCredit's on-going activities to sell non-core assets and strengthen its credit profile.
The impact will be reflected in Q3 2016 balance sheet.