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.
The order allows UniCredit Bank to spin off a new company whose shares will go to the bank’s sole shareholder, UniCredit. It also authorizes the purchase of 100% of the bank’s shares.
No further approvals are now required to sell the Russian assets, the order states.
UniCredit previously outlined the same plan to split its assets when it announced a preliminary agreement with a private investor from the United Arab Emirates. It did not disclose the investor’s identity.
UniCredit is one of two Western banks still operating in Russia that are on the country’s list of systemically important credit institutions. The other is Raiffeisenbank. Since 2022, sales of these banks’ assets have required the president’s permission.
After Russia launched its full-scale invasion of Ukraine, UniCredit planned to sell its Russian business. Media reports said a consortium from the UAE was interested in buying the bank. Kommersant reported that the consortium was acting on behalf of Alfa Group.
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