Reuters logo
UniCredit seals deal to sell UCCMB unit to Fortress
February 12, 2015 / 6:52 AM / 3 years ago

UniCredit seals deal to sell UCCMB unit to Fortress

MILAN, Feb 12 (Reuters) - Italian bank UniCredit has signed a deal with U.S. investment firm Fortress Investment Group to sell its UCCMB bad loan management unit together with a pool of non-performing loans with a gross book value of 2.4 billion euros ($2.7 billion).

The company said in a statement on Thursday that as part of the deal Fortress and Italian real estate firm Prelios had agreed to cooperate as industrial partners in the servicing of certain loans.

The deal is part of UniCredit’s strategy to exit its non-core business in Italy.

$1 = 0.8839 euros Reporting by Danilo Masoni, editing by Valentina Za

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below