UniCredit hit by €8.1B bad-loan charge

|By:, SA News Editor

After Banca Monte dei Paschi failed to raise funds on the market, attention now turns to Italy's biggest bank.

UniCredit (OTC:UNCFY) is seeking investor backing for a €13B rights offer - almost as much as its market value - to carry out a turnaround plan.

The bank also said today it will book €8.1B in additional provisions for bad loans, as part of a balance-sheet cleanup it unveiled in December.