🧐 Italian authorities 🇮🇹 demand that UniCredit exit Russia 🇷🇺

🧐 Italian authorities 🇮🇹 demand that UniCredit exit Russia 🇷🇺
The Italian regulator is threatening to block the acquisition of local bank Banco BPM unless UniCredit reduces its presence in Russia. Another condition would be to limit lending activity on Russian territory.

🎀 UniCredit’s Russian subsidiary, UniCredit Bank, is a legal Russian entity. Therefore, any sale of this asset is subject to two regulatory documents: Russian Presidential Decree No. 520 (August 5, 2022) and Order No. 357 (October 26, 2022).

🎀 UniCredit CEO Andrea Orcel stated in February that he will not sell the asset “to Kremlin favorites” for a symbolic amount.

🎀 In Italy, the acquisition of Banco BPM is estimated at €14 billion.

🎀 In 2024, UniCredit Bank’s deposit portfolio in Russia shrank by more than 50%, and its loan portfolio dropped by 62%. Operations in Russia currently represent only 5% of the group’s revenues.

🎀 The European Central Bank has also increased pressure. Since September 1, it requires limitations on payments to Russian clients in certain currencies, except for those included in the “white list.”

🎀 Some analysts note that UniCredit’s refusal to sell under unfavorable terms may also reflect the financial difficulties and accumulated losses in Russia.

🎀 The Russian Ministry of Finance confirmed that the government commission has yet to receive any formal request from UniCredit. A full withdrawal from the Russian market is expected to take 3 to 5 years, assuming a government-approved buyer is found.

#news #sanctions #geopolitics #Russia #Europe

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