UniCredit Sells NPL Portfolio to Mediobanca and Cerberus
November 27 2017 - 12:35PM
Dow Jones News
By Nathan Allen
Italy's UniCredit SpA (UCG.MI) said Monday that it had agreed to
sell a portfolio of non-performing loans to Mediobanca SpA's
(MB.MI) MBCredit Solutions unit and an affiliate of Cerberus
Capital Management LP.
The portfolio consists of secured and unsecured credits with a
gross book value of about 715 million euros ($852.7 million),
UniCredit said.
MBCredit Solutions has bought the unsecured segment of the
portfolio, with a gross book value of EUR450 million, while
Cerberus has bought the secured segment, which has a gross book
value of EUR265 million, UniCredit said.
UniCredit also said that the sale forms part of its strategy to
reduce its non-performing exposures, and that the transaction will
be reflected in its fourth-quarter results.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 27, 2017 12:20 ET (17:20 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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