UniCredit agrees to sell part of Russian subsidiary to U.A.E. investor
Updated
Updated · The Wall Street Journal · May 7
UniCredit agrees to sell part of Russian subsidiary to U.A.E. investor
12 articles · Updated · The Wall Street Journal · May 7
The Italian bank said the non-binding deal would cause a €3 billion-€3.3 billion profit hit while benefiting capital, with the buyer unnamed and regulatory approvals still required.
Its AO Bank unit would spin off activities UniCredit keeps and sell the remaining operations, as both sides work to finalise the transaction structure.
UniCredit, one of the few European banks still significantly exposed to Russia, said the move supports its post-invasion retreat while preserving shareholder payouts and long-term profit targets.
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