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.
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(END) Dow Jones Newswires