Goldman Sachs Group Inc. is among bidders for about 1 billion pounds ($1.3 billion) of U.K. mortgages
being sold by UniCredit SpA, according to people with knowledge of the matter.
The Italian lender is offloading a portfolio of home loans that were previously packaged into bonds, said the people, who asked not to be identified because they aren’t authorized to discuss the matter publicly. The mortgages were made to non-conforming -- or subprime -- borrowers, a group that may have
previous court judgments or insolvencies said the people.
UniCredit’s Chief Executive Officer Jean-Pierre Mustier, 56, is spearheading a plan to turn around Italy’s biggest bank by selling shares, cutting costs and disposing of assets. The U.K. mortgages currently on sale previously served as the collateral for a series of pre-crisis securitizations, the
people said.
The winning bidder for the portfolio will be chosen in July, said one of the people.
Source - Bloomberg Pro Terminal
Trader - S. Fuchedzhiev
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