UniCredit SpA (UCG.MI) said Monday that UniCredit Bank Hungary and UniCredit Jelzalogbank will sell a non-performing credit portfolio of retail mortgages for 44.3 million euros ($52.7 million).
The Italian bank said that the portfolio of Hungarian loans will be disposed of on a non-recourse basis with EOS Faktor Zrt, a locally-licensed Hungarian debt collection company.
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The sale is part of the UniCredit group's on-going strategy to reduce non-performing exposure.
The bank said that the impact will be reflected in fourth quarter accounts.
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(END) Dow Jones Newswires
December 04, 2017 12:15 ET (17:15 GMT)