Andrea Orsel says the breakthrough of Ukraine can unlock the sale of the Russian unicredit unit

Unlock Digest Editor free

Halef’s roller, FT editor chooses his favorite stories in this weekly newsletter.

Unicredit can accelerate its withdrawal from Russia if there is a breakthrough for the war of Ukraine, its executive director Andrea Orsel said that one of the few large Western lenders remained in the country in the Italian bank.

He said the cessation of hostilities could allow Primit To ensure the best conditions after refusing to unload the Russian unit, except for a “fair price” against the background of normative and legal difficulties after a full -scale Moscow Invading Ukraine In February 2022.

“When the policy is changing, our ability to sell (Russian subsidiary) with a more attractive set of terms is improving because it becomes more normalized for all on both sides,” Orsel said in an interview with Financial Times. “That’s why our way to get accelerated, and the numbers look much better.”

This week his comments came after the US and Russian officials held talks in Saudi Arabia about stopping the conflictAnxious Ukraine and its European allies, which were not invited to the discussions.

While European lenders, such as Société Générale and Ing, made deals on leaving Russia, taking a significant financial blow in this process, the handful remained and slowly twisted its activities.

The output process is complicated by some Western banks in need of operations to personally approve Russian President Vladimir Putin. However unicredit is continued to work In Russia, despite pressure from regulators and politicians to speed up his departure.

Orsel said that “unicredit’s commitment to leave our Russia is absolutely understood.”

“We are in flight and we will end at that moment,” he said. “We can’t go back.”

The bank has been engaged in “seriously with a large number of counterparties in the study of all options” for its Russian business, he added: “But, given the various difficulties and sanctions, we were unable to move forward.”

Russia was an important market for the Italian lender, and its unit made about 5 percent of the group’s total income last year. According to the latest year, the income in their business has jumped 9 percent to 1.3 billion euros. The unit has made 577 million euros of net profit for the year.

However, Unicredit also significantly reduced loans and deposits in the country and stated that he meets the European Central Bank’s requirements. It is expected that the profit from the Russian business until 2027 will be “marginal”.

“If I am not forced, I will not sell Russia for one euro or for all that is not a fair price,” Orsel said last week.

He also told FT potential stimulation of the European economy from the end to the war of Ukraine.

“At the end of the war, which I hope done in the right terms, I guarantee you that by eliminating geopolitical uncertainty (and) violation, investment level, rebound level, it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant. It will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant Very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant , it will be very significant, it will be very significant, it will be very significant, it will be very significant, it will be very significant – he said. They ignored it, but we will have it. “

Despite the failure to comply with the Russian business transaction, in recent months, Unicredit has been at the attempts attempted in the European banking industry. The group took 28 percent Germany Commerzbank and launched an unwanted application for Banco BPM’s internal competitor.

However unicredit this week threatened to leave With BPM, while its share in Commerzbank was left in a suspended state amid the federal election in Germany. The proposed transactions angered politicians in Italy and Germany, respectively.

“The two deals were rebuilt into political debates… It should not be there, and to some extent – perhaps to a large extent, personal attacks,” Orsel said.

“Despite the fact that they are two deals in the market, they have summoned a discussion that goes on Europe, the European Union, the Union Union, the Union Union. Considering all discussions on how Europe should stand on two legs and get together To create the value she was born to create, the discussion around (transaction) is quite devastating for this concept. “

Asked about more rich relations between Washington and European countries, as Donald Trump returned to the White House last month, Orsell said -P Call. ”

“I believe that he was” optimistic “about the future of Europe.