Zagrebecka banka, a subsidiary of Unicredit in Croatia where it is the country's largest bank, has signed a non-recourse transfer agreement with DDM on a portfolio of non-performing exposures deriving fromto credit agreements granted to customers belonging to the corporate, SME and private segments.
The portfolio refers exclusively to claims arising from loan agreements governed by Croatian law. The total amount - gross of value adjustments - of 203,3 million euro.
"The sale of the portfolio - informs Unicredit - is part of Unicredit's current strategy to reduce non-performing exposures as part of the Transform 2019 plan".
The announcement comes just a few days before new subordinated benchmark issue, the third in 2019, of 1,25 billion euro of the Tier 2 type with a ten-year maturity, repayable in advance after five.
The bond pays a 2% coupon for the first 5 years and has an issue price of 99,783%, equivalent to a spread of 240 basis points over the 5-year swap rate.
Meantime Unicredit shares drop 0,4% in Piazza Affari at 11,104 euros. Profit taking following the purchases that involved the entire European banking sector in yesterday's session in the wake of expansionary signals launched by central banks, from the Federal Reserve to the European Central Bank, via the Bank of Japan.
