UniCredit sells €1.9bn of NPLs ahead of stress tests

摘要

UniCredit has sold a €1.9bn portfolio of non-performing loans to private equity firm AnaCap Financial Partners in a transaction bankers say bodes well for Italian banks' ability to deal with the European Central Bank's asset quality review. Justin Sulger, a partner at AnaCap, told IFR that the mood among Italian bankers regarding their NPLs was changing, which could open up the way to more sales. He said a number of buyers were interested in doing deals similar to the one his firm has signed with UniCredit. Figures from accountant PwC put the total value of Italian NPLs at €156bn at the end of 2013. UniCredif s second-quarter results showed its NPLs grew by 0.6% to €49.6bn in the past three months. Those at Intesa San Paolo grew by almost 4% to €32.1bn.