July 18, 2018 / 4:16 PM / 5 months ago

UniCredit sells 537 million euros in soured loans to Banca IFIS

FILE PHOTO: Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini

MILAN (Reuters) - Italy’s biggest bank UniCredit (CRDI.MI) said on Wednesday it had sold a soured loan portfolio with a nominal value of 537 million euros ($625 million) to Banca IFIS (IF.MI).

The impact of the sale, which UniCredit did not disclose, will be reflected in second-quarter earnings, it said.

UniCredit said the portfolio comprised both unsecured and secured loans granted to small businesses and individuals.

IFIS, a bank that specializes in recovering soured debt, said in a separate statement that the portfolio included more than 20,000 loans, partly extended through current accounts.

Reporting by Valentina Za; Editing by Elaine Hardcastle

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