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UniCredit claims 99.8% success in 13bn euro rights offer

AFP
In January, UniCredit warned investors that it expected a loss of 11.8 billion euros for 2016, as it pursues a restructuring effort that involves cutting costs and shedding assets

Italian banking giant UniCredit said Thursday that investors had exercised rights to buy 99.8 percent of the new shares being sold as part of its 13 billion euro ($13.8 billion) capital increase.

The bank had launched the share sale to bolster a balance sheet hammered by bad debts and weak economic growth.

In January, UniCredit warned investors that it expected a loss of 11.8 billion euros for 2016, as it pursues a restructuring effort that involves cutting costs and shedding assets.

The bank said the remaining shares in the capital increase, worth about 30 million euros, will be offered on the Milan stock exchange from February 27 to March 3.