UniCredit Sells Bad Assets to Cerberus
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The majority shareholder of Austrian Bawag acquires a portfolio worth €950m.
UniCredit Sells Bad Assets to Cerberus / Picture: © UniCredit Banca
Bawag´s main shareholder, the U.S. investment fund Cerberus takes over assets of Bank Austria´s holding group UniCredit. The risky assets are worth about € 950m.
According to UniCredit, the asset sale is part of the corporate strategy. UniCredit wants to downsize non-strategic assets, the Italian magazine “Sole 24 Ore” reported.
Other Italian banking group are said…
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