By Pietro Lombardi

UniCredit SpA (UCG.MI) is selling a portfolio of nonperforming loans with a gross claim value of roughly 675 million euros ($768 million) to an affiliate of Fortress Investment Group LLC.

The sale comes as the Italian bank pushes ahead with its strategy to reduce nonperforming exposures.

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

The bank is selling a portfolio of Italian small- and medium-enterprise secured nonperforming loans.

The deal comes a day after UniCredit announced the sale of another bad-loans portfolio with a total gross claim value of roughly EUR590 million.

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

(END) Dow Jones Newswires

November 30, 2018 02:36 ET (07:36 GMT)

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