November 1, 2017 / 7:08 PM / a year ago

Italy's UniCredit confirms sale of NPLs proceeding as planned

MILAN, Nov 1 (Reuters) - Italy’s UniCredit said on Wednesday its sale of 17.7 billion euros of non-performing loans, dubbed project Fino, had been closed and that the second phase was proceeding as planned.

The country’s largest lender first announced the transaction in December, dividing the sale of the loans into two separate securitisation vehicles, one managed by Pimco and the other by Fortress Investment Group.

UniCredit confirmed that it would reduce its stake to below 20 percent by the end of the year, in a statement that came in reply to an earlier story by Bloomberg. (Reporting by Giulia Segreti; Editing by Edmund Blair)

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