Andrea Orcel says Ukraine breakthrough could unlock sale of UniCredit’s Russia unit

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Unicredit could accelerate his outcome from Russia if there was progress in the Ukrainian war, his chief executive Andrea Orbsia said, with the Italian bank that one of the few major Western lenders remained in the country.

He said that the end of the military operations could afford Unicredit Provide better conditions after leaving his Russian department than “Fair Price” in the face of a full scale of Moscow and legal difficulties Invasion of Ukraine In February of 2022.

“If the policy changes, our ability to sell [the Russian subsidiary] It improves more attractive conditions, because it becomes more normal for everyone on both sides, “said the anointed in the interview. “Therefore, our way is accelerating, and the numbers look so much better.”

His comments came after high-ranking US and Russian officials held talks in Saudi Arabia this week About ending the conflictAlert Ukraine and European Allies, who were not invited to the discussions.

While European lenders, Socité Générale and Ing have hit Russia, bringing a significant financial strike in the process, one handful remains and slowly disappeared.

The exit process has become complicated by some Western banks, in need of transactions, to personally approve of Russian President Vladimir Putin. However Unicredit has continued to act In Russia, despite the pressure of the regulators and politicians, to speed up its removal.

Hollel said that UniCredit’s “Our RUSSIA’S OPPORTUNITY IS Absolutely clear”.

“We are in flight, and we will finally end,” he said. “We can’t return.”

“The bank has been involved in the last three years to study all options for its Russian business for the past three years,” but given various complications and sanctions, we have not been able to move forward. ”

Russia was an important market for the Italian lender, the unit of which was about 5% of the group’s total income last year. In the country, his business income increased by 9%, and in 2024 – 1.3 billion euros according to his last year’s results. The unit invested 577 million euros per year for the year.

However, UniCredit has also significantly reduced loans and deposits in the country and said it meets the requirements of the European Central Bank. It expects the profit of Russian business to be “marginal” until 2027.

“Until I have to have it, I will not sell Russia for one euro or anything that is not a fair price,” said the day.

He also told FT the possible promotion of the European economy from Ukraine to the war to Ukraine.

“By the end of the war I hope to be done with the right terms, I guarantee you to eliminate geopolitical uncertainty [and] The level of investment, the level of investment, the level of jumping, will be very significant, “he said. “We have ignored it, but we will have it.”

Despite his non-use of his transaction for his Russian business, UniCredit has been in the European Banking Industry experience in recent months. The group has taken 28 percent hold Germany’s commerce and launched a unauthorized application for internal competitor Banco BPM.

However this week UniCredit threatened to walk away BPM, while in Commerzbank, his stakeholder building remained in Limbo’s federal elections in Germany. The proposed transactions had written politicians in Italy and Germany, respectively.

“The two transactions were established in political discussions. A number of a number should not be there and to some extent, maybe a great extent, personal attacks, “Husseuts said.

“Despite this, they are two market transactions, they have provoked a debate about Europe, the European Union, the Banking union, the capital markets. Considering all the debate on how Europe must stand up on his two feet and gather to create the value to create [the deals] It is quite disturbing to that concept. “

Last month, Donald Trump, because Donald Trump returned to the White House last month, said the Ombeline to “wake up” to the United States that he was “positive”. ”

“I think we are aware of something that should have been clear. By adding that he was “optimistic” about the future of Europe.