UniCredit plans $13.8b stock sale

China Daily (Hong Kong) - - BUSINESS -

UniCredit SpA, Italy’s big­gest bank, plans to raise 13 bil­lion euros ($13.8 bil­lion) in a rights of­fer, sell off bad loans and slash costs in its deepest over­haul to boost cap­i­tal lev­els and prof­itabil­ity. The bank is tar­get­ing 4.7 bil­lion euros of net profit in 2019 with a re­turn on tan­gi­ble eq­uity above 9 per­cent, the Mi­lan-based com­pany said in a state­ment on Tues­day. As part of the three-year strat­egy, the bank plans to shed an ad­di­tional 6,500 jobs, bring­ing the to­tal to 14,000, as it aims for 1.7 bil­lion euros of an­nual cost sav­ings.

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