UniCredit announced that through the Group bank, Zagrebačka banka, it has entered into an agreement for the sale of a portfolio consisting of residential mortgages and consumer loans with the company SVEA EKONOMI (licensed in Croatia) and for the sale of future flows in the next two years. The group communicates it with a note.
The portfolio consists entirely of loans entered into on the Croatian market for a total amount of approximately EUR 64.8 million. Furthermore, Zagrebačka banka has signed a two-year agreement with the bank for a program of future flows on the new NPLs deriving from the consumer credit segment.
The sale and the agreement on future cash flows are part of UniCredit Group’s overall strategy to reduce non-performing exposures. The impact of the portfolio sale is reflected in the income statements of the second quarter while future flows will be reflected in the next two years.