UniCredit sells 537 million euros in soured loans to Banca IFIS

MILAN (Reuters) – Italy’s biggest bank UniCredit <CRDI.MI> said on Wednesday it had sold a soured loan portfolio with a nominal value of 537 million euros ($625 million) to Banca IFIS <IF.MI>.

The impact of the sale, which UniCredit did not disclose, will be reflected in second-quarter earnings, it said.

UniCredit said the portfolio comprised both unsecured and secured loans granted to small businesses and individuals.

IFIS, a bank that specializes in recovering soured debt, said in a separate statement that the portfolio included more than 20,000 loans, partly extended through current accounts.

(Reporting by Valentina Za; Editing by Elaine Hardcastle)