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Thursday, November 21, 2019

UniCredit, suitors reach deal for $2.7 billion UCCMB sale

UniCredit said on Thursday that an agreement has been reached between Fortress Investment Group, LLC, and Prelios over the sale of the UniCredit Credit Management Bank (UCCMB) for approximately $2.7 billion.

Under the agreement, Fortress and Prelios will act as co-operators with regard to UCCMB's non-performing loans to small and medium-size businesses. The agreement stipulates that a strategy to service current and future loans of this kind will be created.

For UniCredit, this sale marks the beginning of a period of acceleration on the closing of noncore businesses in Italy. The company said this sale will reduce risks and allow optimization of its regulatory capital.

UniCredit also said this sale will allow for more independence within the recovery servicing market and facilitate an improved sector-wide response to developments internationally.

The sale has yet to be approved by the appropriate regulatory bodies. The transaction conditions are expected to be finalized and completed sometime in the second quarter.

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UniCredit - Azerbaijan

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