Putin grants approval for UniCredit Russia unit's reorganisation and sale
The bank said it will split its Russian business in two and keep its payments arm while an unidentified UAE investor buys the rest.
- On Monday, President Vladimir Putin approved the reorganization and sale of Italian bank UniCredit's Russian subsidiary, according to a decree published on the Russian government's website.
- Russia mandates presidential approval for deals involving investors from nations Moscow deems 'unfriendly,' a restriction that applied to UniCredit's sale since the invasion of Ukraine.
- UniCredit intends to split its Russian business, selling the majority to a 'well-established private investor' in the United Arab Emirates while retaining only its payments unit through the first half of 2027.
- Italy's Intesa Sanpaolo secured a similar presidential decree in September 2023, yet has not fully severed ties; Austria's Raiffeisen and Hungary's OTP remain fully active in Russia despite Western pressure.
- Approval from Russia's central bank remains necessary, with Western authorities scrutinizing exits amid sanctions; European authorities granted UniCredit a sanctions exemption in July for a transaction involving Russian businessmen Mikhail Fridman and Petr Aven.
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48 Articles
UniCredit gets Putin’s approval to sell part of its Russian business
The Italian bank plans to keep its international payments business while selling its other Russian operations. The approval contrasts with Moscow’s recent moves to place several Western companies’ local assets under temporary management.
Russian President Vladimir Putin has allowed Italian banking group UniCredit to reorganize its Russian division and subsequently sell part of the business. The decision removes one of the key regulatory hurdles to restructuring the bank's operations in Russia. The approval is needed because of restrictions imposed by Moscow on transactions in assets owned by investors from countries Russia has described as “hostile.” After the start of the war i…
UniCredit Russia unit's reorganisation and sale approved
President Vladimir Putin has approved the reorganisation of the Russian subsidiary of Italy's UniCredit and the subsequent sale of the newly created unit, according to a decree published on the Russian government's website.
Putin authorized the reorganization of the Russian UniCredit Bank to sell part of the business to an UAE investor.
Russian President Vladimir Putin has signed a decree allowing Italian banking group UniCredit to sell part of its Russian operations, news agencies reported on Monday. UniCredit signed a non-binding agreement in May to sell part of its Russian operations to a private investor based in the United Arab Emirates.
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