Putin clears way for UniCredit to split off and sell its Russian bank
Vladimir Putin has signed an order permitting Italian lender UniCredit to restructure and sell its Russian subsidiary, removing the need for any further approvals on the deal.
Russian President Vladimir Putin has signed an order permitting the Italian financial group UniCredit to reorganize its Russian subsidiary, UniCredit Bank, and sell all of its shares. The decree was published on Russia's official legal information portal.
Under the order, UniCredit Bank is permitted to spin off a new entity, with shares in that entity transferring to UniCredit, the bank's sole owner. The order also clears the way for a buyer to acquire 100% of the bank's shares. According to the document, no additional government approvals will now be required to complete the sale.
UniCredit had already described a similar restructuring plan earlier, when it announced a preliminary agreement with a private investor based in the United Arab Emirates. The investor's identity has not been made public.
UniCredit is one of just two Western banks still operating in Russia that remain on the country's list of systemically important credit institutions, alongside Raiffeisenbank. Since 2022, any sale of assets by these two banks has required direct presidential sign-off.
UniCredit had been planning to exit its Russian business since the start of Russia's full-scale invasion of Ukraine. Reports have pointed to a UAE-based consortium as a potential buyer, and business daily Kommersant reported that this consortium was acting on behalf of Alfa Group.
