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UniCredit Sheds Russian Assets, Executives Depart
10 Dec
Summary
- UniCredit's Russian top managers have resigned.
- Nearly all of UniCredit Leasing's portfolio has been sold.
- European regulators urged UniCredit to reduce its Russian business.
Italian bank UniCredit is taking significant steps to scale back its operations in Russia. Several senior executives, including the head of its Russian subsidiary and chiefs of corporate banking and operations, have resigned. This follows the sale of nearly all of UniCredit Leasing's assets to PR-Leasing, with contracts valued at around $39 million transferred.
These moves are seen as preparations for a complete withdrawal from the Russian market. European regulators have advised UniCredit to decrease its Russian business, aligning it with other Italian banks still operating there. The bank has faced difficulties exiting Russia since 2022 due to international sanctions.
Foreign banks in Russia are under close scrutiny by authorities for actions that could lead to nationalization. Companies from the UAE have shown interest in acquiring UniCredit's Russian subsidiary, while complex government requirements, including asset devaluation and state contributions, continue to complicate foreign company exits.
