By Giovanni Legorano
ROME--Italian lender UniCredit SpA said it estimates a net loss of EUR11.8 billion for the full year of 2016, as a result of a major balance sheet clean-up it unveiled last month.
The bank said the loss, which was widely expected, is mainly the result of a EUR12.2 billion one-off hit in risk charges it communicated in December.
The bank said it will also take a charge of EUR1 billion mainly due to the writedown of its stake in backstop fund for banks Atlante, and other stakes.
The bank said in December it was planning to cut thousands of jobs and sell EUR13 billion in fresh shares and a large chunk ofits bad loans, as part of an overhaul to bolster its capital base.
(END) Dow Jones Newswires
January 30, 2017 12:36 ET (17:36 GMT)
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