UniCredit to sell €17.7bn NPLs to Fortress and PIMCO

The sale of the underperforming assets is part of former Tikehau partner turned UniCredit CEO Jean-Pierre Mustier’s plan to streamline the bank’s operations and deleverage its non-core portfolio.

Italian bank UniCredit is to offload non-performing loan portfolios valued at almost €18 billion to two entities managed by private credit groups Fortress and PIMCO as part of its push to deleverage its non-core portfolio.

The transaction is expected to close in the first half of 2017, pending regulatory approval.

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