Unicredit has concluded an agreement with Cerberus European Investments for the sale without recourse of a portfolio of unsecured and non-performing loans deriving from consumer credit agreements and personal loans. The Bank communicates it in a note.
The portfolio relates exclusively to receivables deriving from loan agreements governed by Italian law for an amount - gross of value adjustments - of approximately 950 million euro and with a "coverage" of more than 90%. The sale of the portfolio is part of Unicredit's current strategy of selling non-core assets, aimed at strengthening the Bank's credit profile.
Unicredit reports that the operation will be finalized by 28 February 2014 and that the economic-financial impact of the same will be recorded in the first quarter of 2014.
