UniCredit Scales Back Moscow Operations, Retains Only One Branch in Russia
UniCredit's Strategic Shift in Russia
Closure of Moscow Branches
MOSCOW, June 11 (Reuters) - The Russian subsidiary of Italian bank UniCredit is closing one of its offices in Moscow, leaving only one full-service branch in the Russian capital, the lender said on Thursday.
Western Banks' Presence in Russia
One of only a handful of Western banks still operating in Russia after the onset of the Ukraine conflict, UniCredit is under pressure from the European Central Bank to accelerate winding down its business in the country. It stopped taking on new corporate clients there last year.
Transition to Remote Services
The bank will now retain only one in-person office in Moscow, with the rest of its branches across 13 regions of Russia transitioning to remote customer service operations.
Official Statements and Comments
UniCredit declined to comment on the closure of the branch in Moscow.
Future Plans and Asset Sale
Deal with UAE Investor
The lender said last month it had struck a non-binding deal to sell parts of its Russian bank to a "well-established private investor" in the United Arab Emirates and would only retain its payments business in Russia.
Timeline and Transaction Details
The deal is expected to close in the first half of 2027, pending regulatory approval and carving out the bank's assets. UniCredit did not disclose the value of the transaction.
Reporting Credits
(Reporting by Elena Fabrichnaya; Writing by Lucy Papachristou; Editing by Susan Fenton)
