Pause operations: company temporarily curtailing operations while keeping return options open
Leave Suspension
UniCredit is an international banking group headquartered in Milan. It is Italy's only systemically important bank and the world's 34th largest by assets.
Pause operations: company temporarily curtailing operations while keeping return options open
Leave SuspensionThe bank has 106 divisions in Russia and a representative office in Belarus, over 985 thousand individual clients and over 22.6 thousand corporate clients. Russian carmaker Avtovaz has completed the acquisition of RN Bank, a joint venture between Italian lender UniCredit and the Renault-Nissan-Mitsubishi Alliance. The Rushimalliance company (established by Gazprom and RusGazDobycha) sued UniCredit Bank and demanded to recover 45.7 billion rubles. Previously filed a lawsuit against the German banks Deutsche Bank and Commerzbank. The European Central Bank is poised to order Italy's UniCredit, opens new tab to cut back its business with Russia. UniCredit questions ECB's right to restrict its business in Russia.
Still operating in Russia. UniCredit is considering leaving the Russian Federation, but with the possibility of returning after the war - Bloomberg. UniCredit Bank, a subsidiary bank of the Italian group UniCredit, in 2022 increased its net profit according to the RAS by 4 times, to 56.5 billion rubles, according to the reporting of the credit organization. It is reported that at the moment two banks — Creditas and UniCredit Bank — have confirmed that they are canceling the accounts of Russian and Belarusian citizens. According to the representative of UniCredit Bank Petr Plotsek, the bank has long been applying special rules for opening and maintaining accounts for persons from outside the EU. He emphasized that such persons, both physical and legal, must prove a reliable and justified connection with the Czech Republic, although the bank does not publish these rules due to their nature. The Italian group Unicredit, which controls the second largest foreign bank in the Russian Federation, doubled its net profit year on year in the first quarter 2024. At the same time, the group is actively reducing its loan portfolio. The Arbitration Court of St. Petersburg and the Leningrad Region seized the Russian assets and accounts of UniCredit Bank JSC and UniCredit Bank AG (Munich) based on the claim of Ruskhimalliance, it follows from the court file. Assets worth €462.6 million were seized. A Russian court eased restrictions on UniCredit, allowing the Italian bank to offer Russian sovereign bonds as collateral instead of other assets and property. UniCredit's profit from Russia-related assets rose by 20% in the first half of 2024.