Finance
UniCredit’s Orcel Says All Russia-Exposed Banks Got ECB Letter
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UniCredit SpA is likely among lenders that have received a letter by the European Central Bank urging them to reduce their exposure to Russia, after Raiffeisen Bank International AG last month revealed it was told by the regulator to further cut its Russian business.
“Every single bank in Europe that has any kind of exposure to Russia, has likely received the letter” from the ECB, UniCredit Chief Executive Officer Andrea Orcel said Tuesday. He declined to comment on UniCredit specifically.