Unicredit , Italy's biggest bank by assets, said on Wednesday it will buy back senior bonds for up to 3.5 billion euros ($4.5 billion).
The bank aims to reduce debt that will come due in the 2015-2017 period and to better use its liquidity.
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The offer to purchase the bonds will start on April 8 and end on April 24, the lender said, adding it could, however, end the offer early, extend it or even reopen it.
(Reporting by Francesca Landini, editing by Jennifer Clark)