UniCredit has sold its non-performing credit portfolio, according to a company press release.
The non-performers were all Hungarian residential mortgage loans, worth an estimated total of $150 million. The purchaser is an undisclosed Hungarian financial business, according to the press release.
This sale is part of UniCredit Group’s efforts to strengthen its profile and portfolio by selling of non-performing assets. The financial effects of the sale will be reported on UniCredit’s first-quarter balance sheet for this year.