By Mauro Orru 
 

UniCredit SpA said Wednesday that it has agreed to sell a portfolio of Italian unlikely-to-pay exposures to Illimity Bank SpA.

The Italian bank said the small-and-medium-enterprise secured UTP portfolio has exposures with a gross claim value of around 153 million euros ($180.8 million).

The deal is part of UniCredit's strategy to reduce nonperforming exposures. During the year, UniCredit and Illimity Bank reached separate agreements for the disposal of portfolios of small- and medium-enterprise nonperforming secured loans.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

November 11, 2020 03:42 ET (08:42 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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