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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.

An Otkritie Bank branch in Moscow.

Photographer: Andrey Rudakov/Bloomberg
Updated on

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.”