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BackPutin authorized the sale of Russian assets of Unicredit Bank
Putin authorized the sale of Russian assets of Unicredit Bank
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Лента.ру58 minutes agoBusiness1 min readRussiaView original

Putin authorized the sale of Russian assets of Unicredit Bank

PutinUniCredit BankRussia

Quick Look

  • Russian President Vladimir Putin signed a decree authorizing the sale of 100 percent of Unicredit Bank shares and its reorganization.
  • Previously, the ECB demanded the withdrawal of European banks from Russia, and Unicredit was considering the liquidation of a Russian asset due to the impossibility of sale and reduction of business.

AI-generated summary

Why It Matters

The ECB has been demanding for a long time that banks in EU countries leave Russia due to sanctions pressure. Unicredit had previously said it was not considering selling its Russian asset at any price, but in April was considering liquidation due to shrinking business.

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Russian assets of UniCredit Bank were allowed to be sold. The corresponding order was signed by Russian President Vladimir Putin.

According to the text of the document, a transaction to acquire 100 percent of the shares of Unicredit is permitted. The order also allows for the reorganization of UniCredit Bank.

The European Central Bank (ECB) has been demanding the European Central Bank (ECB) leave Russia as soon as possible for banks from the European Union, including Unicredit. In February last year, the head of the Italian group, Andrea Orcel, argued that he sees some interest in Russian assets from countries that have not imposed sanctions against Russia. At the same time, he has repeatedly stated that the sale of Unicredit Bank at any price is not discussed.

In April, the Italian Unicredit group considered completely liquidating the Russian Unicredit Bank and surrendering its license, because it was desperate to sell it to local or Middle Eastern investors. By that time, the bank’s loan portfolio had shrunk by half, the volume of deposits by 30 percent, and the number of employees by 40 percent. According to the publication’s interlocutors, the process will continue until the business is closed.

What to Watch

AI outlook — possibilities, not facts

  • The sale of 100 percent of Unicredit Bank shares will be completed in the coming months

    Likely · Within months

Open Questions

  • Who will buy 100 percent of Unicredit Bank shares?
  • What conditions will accompany the bank reorganization transaction?
  • How will the sale affect bank clients and employees in Russia?

Related Topics

Putin
PeopleVladimir PutinAndrea Orcel
OrganizationsUnicredit BankEuropean Central Bank (ECB)
PlacesRussiaItaly
TopicsUniCredit BankRussiaeuropean central banksanctionssale of assetsreorganization
This article was originally published by Лента.ру.

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