SCGLF - Italy's UniCredit in early stage talks to liquidate Russian unit - Bloomberg

Italian bank UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY) is in early stage talks to sell its Russian unit to financial institutions as well as non-sanctioned firms that desire a bank license from within Russia, people with knowledge on the matter told Bloomberg Wednesday. Meanwhile, UniCredit ADRs are climbing more than 10% in Wednesday morning trading. Aside from the potential sale, UniCredit is considering other options to get rid of its division in Russia, the people told Bloomberg. Moreover, UniCredit CEO Andrea Orcel is exploring how to generate value from any transaction without further damaging its capital buffers, the people said, as reported by Bloomberg. The preliminary discussions come as a slew of European lenders take steps to clamp down on Russian exposure amid the war in Ukraine. In mid-April, France's Societe Generale (OTCPK:SCGLF) (OTCPK:SCGLY) said it will sell its stake in Russia's Rosbank. In mid-March, UniCredit looked to exit Russia in a costly move.

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Italy's UniCredit in early stage talks to liquidate Russian unit - Bloomberg