UniCredit Posts Jumbo Loss on Loan Provisions, Charges
- 13.6 billion euros in losses mainly due to bad loans
- Share sale under way to repair Italian bank’s finances
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UniCredit SpA recorded a fourth-quarter loss of 13.6 billion euros ($14.5 billion) after its latest balance-sheet cleanup, leading to the third annual setback in six years for Italy’s biggest bank.
The results added up to a full-year loss of 11.8 billion euros, prompting the 13 billion-euro share sale now under way to repair its finances.