UniCredit Sells Bad Assets to Cerberus

Business › n.a. ♦ Published: December 27, 2013; 21:59 ♦ (Vindobona)

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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