Unicredit has concluded an agreement with B2 Kapital for the non-recourse sale of a portfolio of secured/unsecured and non-performing loans arising from credit agreements granted by its subsidiary Unicredit Bank Slovenia to customers in the corporate and retail segments. The portfolio consists exclusively of receivables arising from loan agreements governed by Slovenian law, for a gross amount, before value adjustments, of approximately €110 million. The sale of the portfolio forms part of the current strategy of Unicredit to dispose of non-core assets, aimed at strengthening the credit profile of the group. The impact of the transaction will be seen in the bank’s fourth-quarter results.
Meanwhile, the CEO of Unicredit , Jean Pierre Mustier, in an interview reiterated that the new business plan is a break with the past, clarified that the stake in Mediobanca ( (Unicredit is the largest shareholder with 8.6% of the capital) is not currently for sale, also because the carrying price is well above current market prices, and used reassuring tones about fears of a transfer of value from old to new shareholders of the bank in connection with the mega capital increase of €13 billion. “I think that is an incorrect interpretation. Shareholders, old and new, must share the objective that Unicredit should be strong and pan-European. After the capital increase the shareholder centre of gravity will probably be more international, but the focus will remain the same”, said Mustier.
A note of optimism also on the impact on other Italian banks of a possible nationalisation of Mps . “The important thing for the country’s economy”, he observed, “is to have high-quality, strong banks, without too many bad loans and with a solid capital base. I believe the Italian economy is in much better shape than citizens portray it, with a number of dynamic companies and great private wealth. Italians often forget that the country has a strong competitive advantage and the right business model for the complexities of the 21st century, based on small, flexible companies that are excellent in many fields. Whatever solution is found, I am sure that after Christmas Italy will have stronger banks, better able to support the needs of their customers”.
On the Milan stock exchange (Piazza Affari) the shares of Unicredit are currently up 0.21% at €2.804. Yesterday, after the market had closed, the agency Standard & Poor’s confirmed on Unicredit the BBB- rating for long-term debt, A3 for the short term and a stable outlook. The US agency specified that the actions contained in the new business plan, although they will have a positive impact on the bank, are not sufficient to justify a rating higher than Italy’s long-term rating. Indeed, S&P calculated that Unicredit would not pass a stress test in the hypothetical scenario of a sovereign default.
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