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UniCredit Shows Interest in Rescued Russian Bank Otkritie

  • Otkritie was nationalized in 2017 after collapsing under debts
  • UniCredit has signaled interest in M&A after Paschi deal ended
A pedestrian passes a Otkritie Bank branch in Moscow.

A pedestrian passes a Otkritie Bank branch in Moscow.

Photographer: Andrey Rudakov/Bloomberg
Updated on

UniCredit SpA is interested in a potential takeover of rescued Russian lender Otkritie Bank FC, as Chief Executive Officer Andrea Orcel explores M&A opportunities to improve the group’s profitability.

UniCredit is set to start due diligence on the firm as soon as this week, according to people with knowledge of the matter. The Italian bank hired an adviser to examine the Moscow-based lender’s books and expects the review to be completed within weeks, the people said, asking not to be identified.