Putin Approves UniCredit's Restructuring and Sale Transaction in Russia
A decree has been signed for the restructuring of the Russia operations of Italy-based banking group UniCredit and the transfer of a newly established unit.
Russian President Vladimir Putin has officially approved the restructuring of the Russia-based subsidiary of Italy-based UniCredit and the sale of the new unit.
Restructuring Decision
Russian President Vladimir Putin has approved the restructuring of the Russia-based subsidiary of Italy-based UniCredit.
It was officially announced that the necessary permits have been granted via a decree published on the Russian government's official website.
Sales Process and Restrictions
The transaction in question required approval within the scope of Russia's restrictions on the transfer of assets belonging to investors from unfriendly countries.
UniCredit had previously announced that it had reached an agreement to sell a portion of its bank in Russia to a private investor from the United Arab Emirates.
Status of Western Banks
Italy-based UniCredit, along with Austria-based Raiffeisen and Hungary-based OTP, is among the largest Western banks continuing their operations in Russia.