C - UniCredit considering deal to exit Russia that would allow a return - Bloomberg

• UniCredit ( OTCPK:UNCFF ) ( OTCPK:UNCRY ) is considering a transaction to sell its Russian unit in a way that would allow the Italian bank to repurchase the subsidiary if the geopolitical situation stabilizes, Bloomberg reported Tuesday, citing people familiar with the matter.
• The bank is exploring several types of deals, including  one that would give it the opportunity to repurchase the unit depending on political and market conditions, they said.
• Many international banks are seeking to exit Russia once the country invaded Ukraine in late February. In March, Citigroup ( C ) expanded its exit from Russia to include all of its business beyond its previous plan for its consumer banking unit to leave the market. And in April, France's Societe Generale ( OTCPK:SCGLY ) said it would take a ~$2B writeoff for the sale of its stake in Rosbank.
• Unicredit's ( OTCPK:UNCFF ) Russian unit has received interest from non-sanctioned Russian financial institutions and from companies interested in acquiring a bank license in Russia, Bloomberg said. Potential suitors from India, China and Turkey have also shown interest, the people said.
• In May, Bloomberg reported that UniCredit ( OTCPK:UNCFF ) was in early stage talks to sell its Russian unit.

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