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UniCredit announced that it has entered into an agreement with a securitization vehicle managed by the Kruk group for the sale without recourse of a portfolio of impaired loans deriving from credit agreements with customers in the corporate segment, both unsecured and mortgage.
The portfolio includes exclusively non-performing loans deriving from loan agreements governed by Italian law, for a total amount – gross of value adjustments – of approximately 222 million euros. The economic impact of the sale will be reflected in the financial statements for the fourth quarter of 2021 through the use of IFRSS5. The agreement, the note reads, forms part of UniCredit’s current strategy to reduce impaired exposures.