Pause operations: company temporarily curtailing operations while keeping return options open

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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

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Revenue(RF), mln.USD
1422
Assets(RF), mln.USD
12801
Capital(RF), mln.USD
3446
Glob.Revenue, mln.USD
25508
Offices
106
Staff(RF), 2021
4466
Taxes(RF), mln.USD
152

The 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.

The Company Statement
May 17, 2024

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.

November 06, 2024UniCredit accelerates on Russian business closure but moves within legal limits
October 25, 2024Russian subsidiaries of foreign banks diverge in profits and losses
October 17, 2024UniCredit, Raiffeisen See Fading Options to Get Out of Russia
October 17, 2024UniCredit, Raiffeisen See Fading Options to Get Out of Russia
September 17, 2024Russia's RusChemAlliance sues five European banks over aborted gas project
August 16, 2024UniCredit questions ECB's right to restrict its business in Russia: What arguments did the bank present to the European Court
August 02, 2024UniCredit's profit from Russia-related assets rose by 20% in the first half of the year
July 24, 2024One of the last European banks in Russia has announced plans to wind down operations
July 12, 2024ECB has gone too far in pushing UniCredit to quit Russia, Italy minister says
July 01, 2024UniCredit asked the EU court to suspend the ECB's decision to reduce business in Russia
July 01, 2024UniCredit contests ECB demands to cut Russia risks in EU court
June 26, 2024Russian Court Fines Italy’s UniCredit $480M Over Failed Gas Project
June 14, 2024Unicredit and Russian sanctions: the first sentence overturned, the English Court of Appeal agrees with the bank
June 01, 2024The Russian court will unblock UniCredit's frozen assets secured by the bank's Russian bonds
May 20, 2024Unicredit, because Russia has seized accounts and assets for 463 million (but the stock is holding up). Orcel's moves and EU banks in Putin's sights
May 20, 2024ECB rushing banks to quit Russia FT
May 07, 2024UniCredit's Russian business doubled its net profit in the first quarter 2024
May 07, 2024UniCredit CEO says reducing Russia exposure as local profit jumps
May 07, 2024UniCredit CEO says reducing Russia exposure as local profit jumps
April 25, 2024UniCredit warned about restrictions on transfers for Russians
April 23, 2024Gazprom subsidiary ordered to stop Russian lawsuit against UniCredit
April 18, 2024Raiffeisen warns ECB plans could derail plan to sell Russian arm
April 17, 2024Gazprom Unit Fights Ruling Blocking Russian UniCredit Claim
March 12, 2024UniCredit faces hearings in case over Russia sanctions, guarantee claims
February 05, 2024Unicredit CEO:scaling down of Russian business will have 300 mln euro negative effect in 2024
August 07, 2023FT: The largest European companies have lost 100 billion euros in Russia since the beginning of the war in Ukraine
August 07, 2023Rushimalliance filed a lawsuit against UniCredit Bank for 45.7 billion rubles
August 06, 2023European companies suffer €100bn hit from Russia operations
July 25, 2023UniCredit to post strong quarter as Russia draws scrutiny
June 27, 2023ECB Urges Banks to Speed Up Plans to Exit or Shrink Russia Units
June 21, 2023Avtovaz completes deal to buy Renault-Nissan's Russian finance business
May 24, 2023Unicredit Bank quadrupled net annual income under RAS
May 16, 2023Czech banks close accounts for Russians and Belarusians without warning
April 18, 2023To the attention of clients: UniCredit Bank's additional offices in Arkhangelsk, Belgorod and Sochi will be closed in June 2023
April 18, 2023UniCredit Bank will close three more branches in the regions in June
April 14, 2023Letter sent by B4Ukraine to the UniCredit and the response provided
February 13, 2023Austria's Raiffeisen Bank and Italy's UniCredit continue to earn in Russia, but pressure on them has intensified, Reuters
January 31, 2023UniCredit received a loss of 220 million euros in Russia in 2022
January 14, 2023Analysis: Loans to Russian soldiers fuel calls for European banks to quit
November 07, 2022UniCredit shares hit by ECB tensions over capital, Russia
November 07, 2022UniCredit under pressure from ECB over dividend payouts, Russia exit
October 04, 2022Why are Raiffeisen and UniCredit still in Russia?
July 06, 2022UniCredit is considering leaving the Russian Federation, but with the possibility of returning after the war - Bloomberg
June 06, 2022UniCredit widens search for buyers to sell out of Russia
May 08, 2022Press release
April 15, 2022UniCredit Weighs Russia Exit as Bankers’ Pull-Back Gathers Pace
UniCredit in Russia
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