By Pietro Lombardi

UniCredit SpA (UCG.MI) is selling a portfolio of unsecured nonperforming loans with a total gross claim value of roughly 590 million euros ($667.3 million), it said Thursday.

The deal is part of the Italian bank efforts to reduce its nonperforming exposure, it said.

The portfolio is made of Italian Small and Medium Enterprise nonperforming unsecured loans, the lender said.

The bank has reached an agreement with a securitization vehicle managed by J-Invest SpA and with a securitization vehicle managed by Banca Interprovinciale SpA.

"The impact is expected to be reflected in the fourth quarter 2018 financial statements," the bank said

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

November 29, 2018 10:32 ET (15:32 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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