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UBI Banca completes sale of bad loan portfolio

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UBI Banca completes sale of bad loan portfolio

Unione di Banche Italiane SpA said it completed the sale of a portfolio of bad loan lease positions announced in July.

Following the completion of the disposal of the portfolio, the Italian lender's pro forma ratio of gross nonperforming exposures, inclusive of the operation to sell bad loan residential mortgages on Dec. 16, declined to roughly 8.2% on figures as of Sept. 30.

UBI Banca noted that the sale of the second tranche of the bad loan leasing portfolio will not have further negative effects on profit and loss, compared to Sept. 30.