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UniCredit serene about AQR, does not plan mergers with other banks
March 11, 2014 / 2:51 PM / in 4 years

UniCredit serene about AQR, does not plan mergers with other banks

MILAN, March 11 (Reuters) - 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 the AQR.”

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

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