Rome-based multinational bank UniCredit plans to withdraw from Russia under the sanctions of the Russia-Ukraine war.
According to the news that the British news agency Reuters based on sources close to the matter, countries such as Turkey, India or China that do not impose on Russia may be interested in the sale of UniCredit. The drop in the value of UniCredit’s assets in Russia after the sanctions may make this deal attractive for investors.
UniCredit, the 14th largest credit institution in Russia, is one of the banks most exposed to Russian risk among European banks.
Russian businessman Vladimir Potanin had previously bought Rosbank, the Russian subsidiary of French bank Societe General. Potanin told the Russian state-run Interfax Agency that he had rejected UniCredit’s offer to buy the Russian subsidiary.
Although the bank admits that it is considering all options, including exit from Russia, it also states that it will take time to stop its operations there by considering its responsibilities to its customers and investors.