UniCredit Walks Away From Russia Bank Deal on Ukraine Risk
- CEO Orcel says Italian lender withdrawing from data room
- UniCredit is seeking M&A deals that add shareholder value
An Otkritie Bank branch in Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
UniCredit SpA withdrew from a possible deal to take over Russian lender Otkritie Bank FC, with Chief Executive Officer Andrea Orcel signaling that the military build up in the region was a factor in the decision.
“Given the geopolitical environment we decided to withdraw from the data room,” Orcel said in a media call on Friday. “The combined bank would have benefited from a much stronger market position and significant synergies without meaningfully increasing our exposure to the country.”