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Report: UniCredit Hungary nears distressed mortgage portfolio sale


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Report: UniCredit Hungary nears distressed mortgage portfolio sale

UniCredit SpA's UniCredit Bank Hungary Zrt. is close to selling a bad loan portfolio to Prague-based APS Holding, Reuters reported Jan. 20, citing "multiple financial sector sources."

The deal could be worth tens of millions of euros. APS deals with investment, management and recovery of loan portfolios and real estate in central eastern and southern eastern Europe, according to information on its website.

UniCredit has already reached an agreement, and now only "technical details" need to be sorted out, one of the sources said.

More Hungarian bad loan sales are expected, amid increased efforts by local banks to off-load sour mortgages. Sources told Reuters that CIB Bank Zrt., the local unit of Intesa Sanpaolo SpA, and Raiffeisen Bank Zrt. could be among those divesting nonperforming exposures in 2017. CIB told Reuters in an emailed statement that it would like to continue reducing its NPL stock this year.

Hungarian Banking Association Chairman and UniCredit local head Mihály Patai told Reuters in December 2016 that six Hungarian banks were planning to sell large portfolios of soured mortgages.

UniCredit SpA recently sold a Bulgarian nonperforming loan portfolio, with a gross principal value of about €93 million, to B2Holding ASA's Debt Collection Agency EAD.