The credit transfer operations by the large Italian banks continue. Unicredit announced this morning, July 25, that it has reached an agreement with a securitization vehicle financed by SPF Investment Management for the sale without recourse of a portfolio of non-performing loans deriving from unsecured credit agreements with customers in the small and medium-sized business segment Italian.
Going into detail, the bank explains in a note, the portfolio includes "granular" exposures deriving from loan agreements governed by Italian law. The total amount, gross of value adjustments – is equal to 1,1 billion euro. The impact of the sale has already been reflected in the second quarter 2019 financial statements.
The sale, Unicredit clarifies, is part of the strategy of reducing non-performing exposures in order to comply with the rules established at EU level.
In Piazza Affari, the Unicredit share travels down, dropping 0,47% to 11,394 euros. A worse performance than that of the entire banking sector with the Ftse Italia Banks down by 0,1 percent.
