UniCredit sells €715m NPL portfolio

Italian bank UniCredit is finalising the sale of a portfolio of non-performing loans (NPL) to Mediobanca’s unit MBCredit Solutions and to an affiliate of Cerberus Capital Management LP.

MBCredit Solutions has purchased the unsecured segment of the portfolio – with a gross value of €450m -, while Cerberus has acquired the secured segment valued in €265m, that together make up the NPL portfolio of €715m.

Unicredit said that the sale is part of its strategy to reduce non-performing exposures, and added the transaction is expected to be reflected in the upcoming Q4 results.