Zagrebacka banka d.d., also known as Zaga, has sold off nonperforming portions of its portfolio.
UniCredit Group owns Zaga, which has wrapped up its agreement with APS Delta s.r.o. to dispose of non-performing loans granted to corporations and individuals, according to a UniCredit press release. The deal is worth approximately $503 million and is part of UniCredit Group's strategy to reduce non-performing loans. An agreement was signed between the two parties after obtaining an opinion from Croatian National Bank to comply with the required conditions.
The impact of the deal will be shown when the bank releases financial statements for the second quarter.
Zaga is the largest bank in Croatia.