Unicredit does "cleaning" at home. The Milanese bank has concluded an agreement with a vehicle of securitization operated by the Polish company Kruk for the without recourse assignment of a portfolio of non-performing loans deriving from credit agreements with customers in the Corporate segment, both unsecured and mortgaged.
In detail, the portfolio exclusively includes non-performing loans (Npl) deriving from loan agreements governed by Italian law, for a total amount - gross of value adjustments - of approximately 222 million euro.
The economic impact - explains the Bank in a note - of the sale will be included in the fourth quarter 2021 financial statements thanks to the use of IFRS5. The agreement forms part of UniCredit's current NPE reduction strategy.
The Kruk Group was founded over 22 years ago, and has been listed on the Warsaw Stock Exchange and on the WSE bond market since 2011. The core business of the Polish Group is credit management in three segments: consumer (unsecured), mortgage (secured mortgage) and SME/Corporate (both secured and unsecured). In terms of investments, Kruk manages more than 9.000 million clients, more than 4.000 assessed portfolios and more than 1.000 acquired portfolios with GBV (gross book value) in excess of €18 billion.
While concentrating its activities in the banking sector, the Group also manages credits of financial intermediaries, insurance companies, leasing companies, fixed network companies, telecommunications operators, mobile telephone operators, digital television operators and companies in the FMCG sector.
