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Report: UniCredit preparing bad-loan sale of up to €5B

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Report: UniCredit preparing bad-loan sale of up to €5B

UniCredit SpA is planning a sale of nonperforming loans with a face value of up to €5 billion, Bloomberg News reported, citing people familiar with the discussions.

The Italian bank, which is in the process of selecting the loans and defining the deal structure, is considering a transaction of one or more tranches to be completed by the end of 2019, the people said.

The sale will be in addition to three bad-loan bundles with a total gross book value of €2.4 billion that UniCredit is currently offering, according to the May 22 report.

CEO Jean Pierre Mustier expects the bank to beat its goal of reducing its nonperforming exposure to €14.9 billion by closing 2019 with nearly €10 billion, Bloomberg noted.