UniCredit announces today an agreement with Illimity Bank S.p.A. ("Illimity").
The agreement concerns the disposal of an Italian Small and Medium Enterprise secured unlikely to pay portfolio, on a non-recourse basis (pro-soluto).
The portfolio consists entirely of Italian exposures with a total gross claim value of approximately € 153 million.
The impact is already accounted in the third quarter 2020 financial statements.
The sale is part of UniCredit's on-going strategy to reduce non-performing exposures.