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UniCredit sells €715M bad loan book to MBCredit, Cerberus affiliate

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UniCredit sells €715M bad loan book to MBCredit, Cerberus affiliate

UniCredit SpA agreed to sell a portfolio of nonperforming secured and unsecured loans to Italian small and medium-sized enterprises, with a total gross book value of €715 million, to MBCredit Solutions SpA and to an affiliate of Cerberus Capital Management LP.

MBCredit bought the unsecured portion of the portfolio with a gross book value of about €450 million, while the Cerberus affiliate bought the secured portion with a gross book value of around €265 million.

UniCredit said the transaction's impact will be reflected in its fourth-quarter results, adding that the deal forms part of its efforts to reduce nonperforming exposures.