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UniCredit to sell NPLs worth €420M to AnaCap

UniCreditSpA said April 13 that it agreed to sell, on a nonrecourse basis, anonperforming credit portfolio ofunsecured consumer, overdraft and personal loans toAnaCap Financial PartnersLLP.

The bank said the portfolio consists entirely of Italianloans with a gross book value of approximately €420 million.

The deal is part of the lender's ongoing process to sellnoncore assets and boost its credit profile. The impact of the sale will bereflected in UniCredit's second-quarter balance sheet.

In September 2015, UniCredit agreed to €1.2 billion of bad loans to AnaCap.