By Cristina Roca

UniCredit SpA said Wednesday that it has transferred a portfolio of nonperforming loans with a claim amount of 1.1 billion euros ($1.15 billion) to Itaca SPV Srl, a securitization vehicle.

The Italian lender said the transaction took place in the framework of GACS, a scheme set up by the Italian government to make it easier for commercial banks to remove bad loans from their books.

This deal is the group's fifth GACS-backed transaction, UniCredit said.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

June 15, 2022 02:47 ET (06:47 GMT)

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