By Giulia Petroni

UniCredit SpA (UCG.MI) said Monday that it has sold a nonperforming credit portfolio to APS Holding (054620.KQ) and Balbec Capital LP through its subsidiary UniCredit Bulbank.

The Italian bank said the portfolio, which is composed of Bulgarian secured and unsecured nonperforming loans, has a legal claim value of approximately 50 million euros ($55.2 million). The sale is part of the group's strategy to reduce non-performing exposure, UniCredit said, and is expected to impact the bank's fourth-quarter results.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 18, 2019 02:31 ET (07:31 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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