UniCredit gets cracking with €13bn recap

Aidan Gregory

February 02, 2017 01:00 pm

UniCredit_Branch_AP_230x150 — An view of the entrance of theUniCredit tower at the Porta Nuova business district in Milan, Italy, Tuesday, Dec. 13, 2016. Italy's largest bank, UniCredit, said Tuesday it will unload 17.7 billion euros ($18.8 billion) in soured loans, raise billions in new money and shed thousands of jobs as it seeks to re-launch the company under new management. (AP Photo/Luca Bruno) | Luca Bruno/AP

Shares in UniCredit, Italy’s largest bank, closed 1.7% lower on Thursday after it unveiled the terms for its fully underwritten €13bn recapitalisation late on Wednesday.

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Aidan Gregory