September 27, 2019 / 11:04 AM / 17 days ago

UniCredit exec says no need for "dramatic" steps on 'UTP' loans

VENICE, Italy, Sept 27 (Reuters) - Italy’s biggest bank UniCredit has no need to drastically reduce so-called ‘unlikely-to-pay’ loans and will choose the best recovery options even if that entails keeping the loans on its books, a top executive said.

“For us it’s not that big of an issue, we’ve been managing them, disposing of them as we saw fit, for us it’s not that big of a portfolio, we don’t need to take that dramatic step,” UniCredit’s head of non-core asset management Jose Brena said. (Reporting by Valentina Za, editing by Silvia Aloisi)

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