By Pietro Lombardi

UniCredit SpA is selling a portfolio of nonperforming loans with a claim value of about 840 million euros ($968.4 million).

The Italian bank said Wednesday that the portfolio is made of Italian small-and-medium enterprise nonperforming unsecured loans and the impact of the sale is already included in the second-quarter results.

Banca IFIS SpA has bought part of the portfolio, with claim value of about EUR486 million. The remaining portion was acquired by GAIA SPV, a securitization vehicle controlled by Barclays PLC and Guber Banca SpA.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

July 22, 2020 08:59 ET (12:59 GMT)

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