UniCredit Steps Up Russia Exit With Partial Sale to UAE Investor

UniCredit SpA signed a non-binding accord to sell parts of its business in Russia to a private investor in the United Arab Emirates, as the Italian lender accelerates efforts to scale back its presence in the country.

UniCredit expects a cumulative hit of €3 billion ($3.5 billion) to €3.3 billion on earnings from the deal, according to a statement Thursday. The transaction won’t affect shareholder distributions nor the bank’s profit goals for 2028 through 2030, it added.