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UniCredit Weighs Russia Exit as Bankers’ Pull-Back Gathers Pace

  • CEO Orcel says bank looking at consequences of pullout
  • Italian bank has one of Europe’s biggest engagements in Russia
A Unicredit Bank branch in Moscow in February.

A Unicredit Bank branch in Moscow in February.

Source: Bloomberg

Updated on

UniCredit SpA is considering exiting its operations in Russia as part of an urgent review of the business, signaling an accelerating financial pull-back from the nation as a consequence of the invasion of Ukraine.

“No conclusions can be drawn overnight, but we will report soon with more detail,” Chief Executive Officer Andrea Orcel said at a conference organized by Morgan Stanley on Tuesday. “Obviously we need to seriously consider the impact and the consequences and the complexity of disentangling a full bank from the country.”