MILAN, March 11 UniCredit, Italy's biggest bank
by assets, is confident it has done more to clean up its balance
sheet than what will be required to get a clean bill of health
from European regulators, its CEO Federico Ghizzoni said.
UniCredit posted a shock 14-billion euro loss for 2013 after
massive writedowns on past acquisitons and rising bad loans.
It said the clean-up was an autonomous decision and was not
dictated by the sector-wide health check being conducted by the
European Central Bank.
UniCredit is cutting its workforce by 8,500 units by 2018,
with more than 5,700 job cuts in Italy.
"I believed the group has turned the page. We could have
staggered the losses on several years, we decided to take them
all in one year," Ghizzoni told reporters.
"I am serene we have done more than what will be required by
He said the bank did not plan any merger with other lenders
and confirmed it would issue an additional Tier 1 bond by
mid-2014 to boost its capital base.
(Reporting by Silvia Aloisi)