UAE investor to buy UniCredit's Russian bank stake

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UAE investor to buy UniCredit’s Russian bank stake

May 7, 2026

UniCredit bank Brno 2010 — UniCredit bank. Photo: Wikimedia Commons

DUBAI,—, Italy’s UniCredit said Thursday it reached a non-binding agreement to sell parts of its Russian business to a private investor based in the United Arab Emirates, while keeping control of its payments unit in Russia, Reuters reported.

The bank said it has been reducing its operations in Russia following pressure from the European Central Bank and after disputes with the Italian government over concerns that its Russian activities could pose a national security risk.

The announcement came shortly after UniCredit launched a hostile takeover bid for Germany’s Commerzbank.

UniCredit has continued operating in Russia since the start of the Ukraine war. Chief Executive Andrea Orcel has repeatedly said the lender would not exit the market at a loss, unlike some competitors including France’s Societe Generale.

Orcel said Tuesday that the Russian business contribution to UniCredit’s net profit is expected to fall sharply.

The unit is forecast to contribute about 800 million euros, or about $941 million, in 2025, before declining to roughly 100 million euros by 2028.

The planned partial sale of the Russian operations is expected to result in an income impact of between 3 billion euros and 3.3 billion euros. UniCredit said the transaction would not affect its dividend plans or share buyback policy.

The bank added that the disposal would improve its capital ratios by around 35 basis points.

UniCredit said it expects the transaction to be completed during the first half of 2027, subject to approvals from regulators and relevant authorities.

Russia has tightened rules for foreign companies seeking to leave the country since many Western firms started withdrawing after Moscow invaded Ukraine in February 2022.

Italian lender Intesa Sanpaolo, which also operates in Russia, received a presidential decree in September 2023 allowing it to dispose of assets there, but it is still waiting for approval from the Russian central bank.

Dutch bank ING last month abandoned the sale of its Russian business to Moscow-based Global Development JSC.

ING said it no longer expected the buyer to secure the required approvals for the transaction announced in January 2025.

UniCredit said it plans to divide its Russian operations into two businesses.

The unnamed UAE investor would acquire the remaining operations, while UniCredit would retain full ownership of the payments business. The lender did not disclose the value of the deal.

The bank said its Russian payments operation handled less than 5 billion euros at the end of March.

It now processes transactions only in U.S. dollars and euros, compared with about 20 currencies four years ago, when the business was five times larger.

(With files from Reuters)