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Unicredit is about to transfer NPLs for 2 billion

11 September, Finanza Report

Unicredit is accelerating again on the disposal of its bad loans.

The bank led by Jean Pierre Mustier is working on the transfer of two NPL portfolios, one secured (Milano project) and the other one unsecured (Torino project)

The portfolios have a value of 1 billion euro each, according to Sole 24 Ore.

The Milano project includes non-performing loans mostly guaranteed by properties, and it’s currently in the process of receiving the non-binding offers. In this preliminary stage, some American specialised groups are among the competitors.

The Turin project is at a more advanced stage, being currently dealing with the binding offers. Cerberus and Banca Ifis are allegedly among the competitors for the portfolio.

Moreover, Unicredit is also working at defining the process for Sandokan 2, replicating the first operation for the management of impaired and non-performing loans launched in autumn 2015. In that occasion, the operation saw the participation of the funds Pimco, Gwm and Aurora Recovery Capital. Sandokan 2 is valued at 2 billion euro with NPLs divided between various tranches.

Yesterday the Unicredit shares registered a 4% increase, while today at 09:02 they were at +0.75% with 13.648 euro and the Ftse Mib at +0.47%.

Source: Finanza Report

Translator: Cristina Ambrosi

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