world
UniCredit Signs Non-Binding Accord to Sell Russian Business to UAE Investor
UniCredit has signed a non-binding agreement to sell parts of its Russian business to a private investor based in the UAE. The Italian bank said the deal remains subject to approvals from Russian authorities. The move comes as Western banks continue to reduce their presence in Russia following the invasion of Ukraine.
May 7, 3:04 AM·1m read1 source
rte.ieAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
UniCredit has signed a non-binding accord to sell parts of its business in Russia to a private investor in the UAE, the bank said on Thursday. The agreement covers select operations in the country and still requires approval from Russian authorities before it can proceed. UniCredit did not disclose the identity of the buyer or the financial terms of the transaction.
Background on the Exit UniCredit maintained a presence in Russia through its subsidiary AO UniCredit Bank, which offered corporate and retail banking services. The bank had previously explored multiple avenues to divest the unit, including potential sales to local buyers, but faced regulatory and pricing challenges.
The latest non-binding accord represents the most concrete step yet toward a full exit. Completion of the sale would further shrink the number of foreign banks still operating inside Russia.
The transaction remains conditional on receiving the necessary approvals from Russian regulators. UniCredit said it will provide further updates as the process advances. The bank has not indicated a timeline for closing or whether the deal could still fall through if approvals are not granted.
