Italian bank UniCredit is considering to market non-performing loans worth 20 bln. Euro, backed by state guarantees. The sale is one of the options discussed by the management of the financial institution.
According to insiders of weeks, rumors about a possible such sale. They intensified after the London-based financial media Debtwire reported two days ago intention of UniCredit. Markets still perceive the new Italian scheme to provide public guarantees on securitisations. Bank Popolare di Bari has allocated 500 million euros, which was the first successful transaction using state guarantees.
Clearing the portfolio of bad loans may be accompanied by the sale of assets in Central Europe, and especially Bank Pekao, which is subject to negotiations between the owner UniCredit (a share of 40.1%) and Polish financial institution Pzu, stated Thursday. Both sides in the negotiations met last week in Milan to discuss the sale, which may include participation of a special financial mechanism – Polish Development Fund.
Pzu wants to buy Pekao to October.