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UniCredit Agrees to Sell Parts of Russian Bank to UAE Investor
The bank will keep its payments arm and expects a 3 billion-euro profit hit as it exits most of its Russian business.
- On Thursday, UniCredit announced a non-binding agreement to sell a portion of its Russian subsidiary to a "well-established private investor" in the United Arab Emirates, retaining its payments operations.
- Following the 2022 invasion of Ukraine, UniCredit has been shrinking its Russian business to reduce exposure, facing pressure from the European Central Bank and Italy over national security concerns.
- The planned disposal entails an income hit of around 3 billion euros , with UniCredit expecting to close the deal in the first half of 2027 subject to regulatory approval.
- Kremlin approval is required for the transaction, which officials described as complex; Dutch lender ING abandoned a similar sale last month, stating it had "no realistic expectation that the buyer will obtain the necessary approvals."
- CEO Andrea Orcel targets halving Russian profits this year to around 100 million euros by 2028, as Thursday's announcement follows UniCredit's hostile buyout offer for Germany's Commerzbank launched this week.
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In Slovenia, Unicredit recorded a slight decline in revenue and profit.
The Italian bank appears to be serious and has signed a non-binding agreement with a private investor from the United Arab Emirates (VAE). The Kremlin has also already expressed its views on this.
·Vienna, Austria
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UniCredit to Sell Part of Russian Subsidiary to UAE Investor
UniCredit, Italy's second-largest bank, announced Thursday that it has reached a preliminary agreement to sell a portion of its Russian subsidiary to an undisclosed private investor in the United Arab Emirates.
·Amsterdam, Netherlands (Kingdom of the)
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Total News Sources15
Leaning Left3Leaning Right1Center3Last UpdatedBias Distribution43% Left, 43% Center
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
43% Center
L 43%
C 43%
14%
Factuality
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