7 May 2026 13:09
UniCredit to split its Russian assets, plans to sell part to UAE investor, Kremlin says no decision yet
MOSCOW. May 7 (Interfax) - The Italian banking group UniCredit plans to split its Russian business, and expects to sell part of it to a private investor from the United Arab Emirates (UAE), according to a statement from the banking group.
"The transaction envisages the spin-off of part of the activities of AO Bank [in Russia] into a new separate entity (the 'New Bank') followed by the sale of AO Bank with its remaining activities (the 'Remaining Bank') to the Buyer. Upon completion of the transaction, UniCredit will own 100% of the New Bank and the Buyer 100% of the Remaining Bank," the group said.
It is planned that the transaction will be closed in H1 2027. It will depend on the conclusion of a binding agreement, the separation of assets in Russia, and obtaining approval from relevant regulatory authorities.
The buyer is a well-established private investor in the UAE with long-standing ties to the local business community, and UniCredit has conducted compliance checks with regard to them in accordance with legal requirements, the group said.
"The agreement accelerates UniCredit's refocusing of its operations in Russia mainly around international payments primarily in Euros and USD for Western and Russian non-sanctioned corporate clients," it said.
Clients using UniCredit's payment solutions in Russia and abroad will retain access to the current range of operations throughout the process.
According to the group's estimate, the total negative financial result from the transaction could be between 3 billion and 3.3 billion euros.
The Kremlin said that no decision had been reached regarding the possible sale of the Russian assets in the Italian bank UniCredit.
When asked by journalists whether the Russian president would authorize the deal, Kremlin spokesman Dmitry Peskov said that "a special procedure is in place, and when a corresponding request is received, it will be reviewed. No decisions on this matter have been made yet."
The Kremlin representative explained the process for reaching these decisions.
"When reaching decisions on these matters, a number of factors are taken into account. Reciprocity plays a role, as does the current economic situation, so it is a rather complex decision-making process," Peskov said.
"The transaction envisages the spin-off of part of the activities of AO Bank [in Russia] into a new separate entity (the 'New Bank') followed by the sale of AO Bank with its remaining activities (the 'Remaining Bank') to the Buyer. Upon completion of the transaction, UniCredit will own 100% of the New Bank and the Buyer 100% of the Remaining Bank," the group said.
It is planned that the transaction will be closed in H1 2027. It will depend on the conclusion of a binding agreement, the separation of assets in Russia, and obtaining approval from relevant regulatory authorities.
The buyer is a well-established private investor in the UAE with long-standing ties to the local business community, and UniCredit has conducted compliance checks with regard to them in accordance with legal requirements, the group said.
"The agreement accelerates UniCredit's refocusing of its operations in Russia mainly around international payments primarily in Euros and USD for Western and Russian non-sanctioned corporate clients," it said.
Clients using UniCredit's payment solutions in Russia and abroad will retain access to the current range of operations throughout the process.
According to the group's estimate, the total negative financial result from the transaction could be between 3 billion and 3.3 billion euros.
The Kremlin said that no decision had been reached regarding the possible sale of the Russian assets in the Italian bank UniCredit.
When asked by journalists whether the Russian president would authorize the deal, Kremlin spokesman Dmitry Peskov said that "a special procedure is in place, and when a corresponding request is received, it will be reviewed. No decisions on this matter have been made yet."
The Kremlin representative explained the process for reaching these decisions.
"When reaching decisions on these matters, a number of factors are taken into account. Reciprocity plays a role, as does the current economic situation, so it is a rather complex decision-making process," Peskov said.
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