UniCredit’s Russia Unit May Attract Bids From UAE-Based Firms
A branch of Unicredit Bank in Moscow in 2022.
Photographer: BloombergUnited Arab Emirates-based companies have reached out to Italy’s government with plans for a possible bid for Italian lender UniCredit SpA’s Russia unit.
Mada Capital and Asas Capital plan to jointly establish a special purpose vehicle which would buy the asset, according to a document seen by Bloomberg. The project will be assisted by Inweasta group and the sale process could take between six to eight months, the document shows. The news was reported earlier by Italian newspaper Il Messaggero.