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UBI Banca disposes €416M bad debt

Unione di Banche Italiane SpA has off-loaded €416.2 million of unsecured bad debt as it aims to sell a "substantial" package of nonperforming loans over the next three years.

The sale of loans to institutional investors resulted in a gross profit of about €9 million. The bank sold the NPLs directly on the market and its ratio of gross NPLs fell to 10.8% from 11.1% following the sale.

In September, the bank said it had completed the sale of 95% of the mezzanine and junior notes to institutional investors.