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SOFIA (Bulgaria), November 18 (SeeNews) - Italian banking and financial services group UniCredit said on Monday that it will sell a non-performing loan portfolio of its Bulgarian unit UniCredit Bulbank with a legal claim value of 50 million euro ($55.3 million).
"UniCredit today announces that, through its subsidiary UniCredit Bulbank (Bulgaria), it has reached an agreement with APS and Balbec Capital to sell on a non-recourse basis (pro-soluto) a portfolio composed of secured and unsecured non-performing loans granted by UniCredit Bulbank to SME and corporate customers," UniCredit Group said in a statement.
The sale of the portfolio consisting entirely of Bulgarian loans is part of UniCredit Group’s on-going strategy to reduce non-performing exposure (NPE), the group said.
The impact of the agreement is expected in the accounts of the fourth quarter of 2019.
($ = 0.90418 euro)