UniCredit Sees $13 Billion Full-Year Loss on Writedowns
- Bank had additional 1 billion euros of one-time items in 2016
- UniCredit CET1 ratio below ECB’s requirements on one-off
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UniCredit SpA, Italy’s biggest bank, expects an 11.8 billion-euro ($12.6 billion) net loss for 2016 after setting aside more money for bad loans and booking one-time charges related to its turnaround plan.
UniCredit absorbed an additional charge of 1 billion euros -- on top of the 12.2 billion euros announced in December --after booking a bigger writedown on its investment in Italy’s bank rescue vehicle Atlante. It also took losses on some of its shareholdings and made contributions to the national fund for winding down banks, the bank said in a statement after markets closed Monday.