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UniCredit hit by $8.6bn bad-loan charge

Provision follows overhaul at Italian lender announced in December

UniCredit hit by $8.6bn bad-loan charge

Italian lender UniCredit said on January 12 it will book €8.1 billion ($8.57 billion) in provisions for bad loans, as part of a balance-sheet cleanup it unveiled in December.

The bank said last month it planned to launch a €13 billion rights issue by the end of March—one of the largest Italy has seen—as well as cutting thousands of jobs and selling a large chunk of bad loans.

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