UniCredit Signs Deal With Pimco, Fortress for Sale of EUR17.7 Billion Bad Loans
17 Julio 2017 - 2:44AM
Noticias Dow Jones
By Giovanni Legorano
ROME--Italian bank UniCredit SpA said Monday it has signed a
definitive agreement with Pacific Investment Management Co., or
Pimco, and Fortress Investment Group for the sale of 17.7 billion
euros worth of bad loans.
The transaction is part of strategic plan the bank unveiled last
year, which included cutting thousands of jobs and selling EUR13
billion in fresh shares. Earlier this year, the bank completed the
capital increase.
The deal with Pimco and Fortess allows the bank to shed the
large portfolio of bad loans by bundling them into securities to be
sold to investors.
To that end, the bank has agreed to transfer one portfolio of
bad loans to a newly created firm controlled by hedge fund Fortress
Investment Group and another to a firm controlled by Pimco.
UniCredit will own a minority stake in the two companies. On
Monday, it said that during the second half of the year it will
consider the sale of part of its stakes to reduce it to below
20%.
Write to Giovanni Legorana at Giovanni.Legorano@wsj.com
(END) Dow Jones Newswires
July 17, 2017 03:29 ET (07:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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