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UniCredit: sells non-performing loans to Banca Ifis

( - UniCredit has sold a portfolio of 155 million euros of non-performing debt to independent specialty finance bank Banca Ifis, the Italian lender said on Thursday.

The portfolio consists entirely of Italian unsecured individual credits, including salary backed loans (CQS), UniCredit said in a press release.

UniCredit said it has also reached an agreement with Ifis for the disposal of up to 180 million dollars of Italian unsecured consumer loans, originated from the first quarter 2020 to the end of the year, of which 30 million euros were already transferred in June.

UniCredit said the move is part of its strategy to reduce non-performing exposures.

The share was up over 5% in Milan after this news.

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