UniCredit announces that, through its subsidiaries UniCredit Bank Hungary, it concluded an agreement in relation to the disposal on a non-recourse basis (pro-soluto) of a portfolio composed of retail mortgages, unsecured and overdrawn accounts receivables with the locally-licensed Hungarian financial enterprise EOS Hungary.
The portfolio consists entirely of Hungarian loans and has a total claim value of approximately EUR 28 million (HUF 9,0 billion).
Moreover, UniCredit Bank Hungary has signed with EOS Hungary an agreement for a 3 years forward flow program on the new NPL inflows in the mortgages, unsecured consumer, predefined SME loans and overdrawn accounts segments.
The portfolio sale and the forward flows agreement are part of the overall UniCredit Group’s on-going strategy to reduce non-performing exposure (“NPE”).
The impact of the portfolio sale will be reflected in second quarter 2019 accounts.