UniCredit Agrees to Sell $1 Billion of Soured Assets to Kruk
(Bloomberg) -- UniCredit SpA, the biggest Italian bank, agreed to sell 940 million euros ($1 billion) of loans to Kruk Group as Chief Executive Officer Jean Pierre Mustier pushes through an overhaul to bolster finances.
The portfolio of non-performing loans includes debts tied to “private individuals” and “small/medium entities,” Milan-based UniCredit said Wednesday in a statement. The impact of the sale will be reflected in the bank's fourth-quarter results, according to the statement, which didn't provide terms of the deal.
Mustier, 55, in charge since July, is selling off unwanted loans and stakes in companies as he seeks to restore investor confidence in one of Europe's worst-performing lenders and meet tougher capital requirements. The CEO earlier this month sold a 20 percent stake in online lender FinecoBank SpA and is pursuing a sale of its Pioneer Global Asset Management SpA unit. The bank also plans to raise as much as 13 billion euros through a share sale, La Repubblica reported Oct. 14.
The sale of loans “is part of UniCredit's ongoing activities to sell non-core assets and strengthen its credit profile,” the bank said in the statement.
--With assistance from Sonia Sirletti To contact the reporter on this story: Donal Griffin in London at dgriffin10@bloomberg.net. To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Cindy Roberts
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