February 7, 2018 / 6:59 AM / in a year

UniCredit completes sale of large bad loan portfolio

FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italy’s biggest bank, UniCredit, on Wednesday said it had successfully completed a complex project to sell a large portfolio of non-performing loans.

Under the project, dubbed “FINO” or “failure is not an option”, the bank has cut its exposure to the bad loan portfolio to below 20 percent.

This allowed the bank to notify the European Central Bank of its intention to recognise the ‘significant risk transfer’ as of March 31, the lender said.

The bank started the project in 2016 on a bad loan portfolio worth more than 17 billion euros.

Reporting by Francesca LandiniEditing by Clarence Fernandez

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