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UniCredit closes $20 billion bad loan sale with Fortress, Pimco

UniCredit led clean-up efforts in Italian banks, which have been left with bad loans after recession

Reuters  |  MILAN 

Italian bank UniCredit has signed a final agreement with US funds Fortress and Pimco on the sale of bad loans worth 17.7 billion euros ($20 billion) in Italy's biggest such deal so far. UniCredit has led clean-up efforts among Italian banks, which have been left with billions of euros of bad loans following the country's deep recession. The total amount of impaired debt is equivalent to around 15 per cent of total lending, three times the European average. Morgan Stanley analysts estimated on Monday that at the current rate of rundown it would take Italian banks some ...

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First Published: Mon, July 17 2017. 23:48 IST
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