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UniCredit's Bulgarian unit sells NPL portfolio to GetBack

UniCredit SpA unit UniCredit Bulbank AD agreed to sell a portfolio of nonperforming retail loans with a nominal value of €11.85 million to GetBack Recovery Bulgaria, a subsidiary of Polish debt collector GetBack SA.

The transaction, whose impact will be reflected in the lender's fourth-quarter accounts, is part of UniCredit group's plan to divest distressed assets and strengthen its credit profile, the Bulgarian lender said Dec. 4.