Putin authorizes Italian banking group UniCredit to spin off part of its Russian bank and sell the remaining business
Vladimir Putin has signed an order allowing the Italian financial group UniCredit to restructure its Russian subsidiary, UniCredit Bank, and sell all of the subsidiary’s shares. The document was published on Russia’s legal information portal.
Russian President Vladimir Putin has approved a plan allowing Italian bank UniCredit to split its Russian subsidiary, UniCredit Bank, into a new entity and sell off its remaining assets. The Russian legal information portal published the order, which enables the bank to sell all of UniCredit Bank's shares to the company being spun off.
The order also permits the acquisition of the remaining 100% of the bank's shares. No additional permissions are required for the sale of Russian assets following this authorization. UniCredit had previously announced plans to split its assets with a private investor in the United Arab Emirates, though the investor's identity remained undisclosed.
UniCredit and Raiffeisenbank are the only two Western banks currently operating in Russia and are classified as systemically important credit institutions by the country. Since 2022, the sale of these banks' assets has required the president's approval. In response to Russia's full-scale invasion of Ukraine, UniCredit had intended to sell its Russian operations.
Reports suggested a consortium from the UAE, potentially representing Alfa Group, was interested in acquiring the bank.
Written by urgent.news from Meduza (English)'s reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
