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AO UniCredit Bank
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OrganisationRU

AO UniCredit Bank

Moscow-based Russian subsidiary of Italy's UniCredit S.p.A.; Putin authorised its sale in October 2026.

AO UniCredit Bank is the Moscow-registered Russian subsidiary of Italy's UniCredit S.p.A., holding Bank of Russia licence No. 1. On 5 October 2026 Vladimir Putin cleared the sale of all its shares.

Last refreshed: 12 October 2026 · Appears in 1 active topic

Key Question

Who will own UniCredit's Russian bank once the Kremlin-approved sale closes?

Timeline for AO UniCredit Bank

#28 5 Oct
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Background

AO UniCredit Bank is the Moscow-registered Russian subsidiary of Italy's UniCredit S.p.A. and holds Bank of Russia banking licence No. 1. Its parent counts among the few big Western lenders left in Russia, and says it agrees with the European Central Bank on reducing its presence there.

On 5 October 2026 Vladimir Putin authorised a reorganisation of the bank and the purchase of all its shares from UniCredit S.p.A. The order first lets part of the bank be spun off into a company whose shares stay with the parent. It follows a non-binding term sheet UniCredit signed on 7 May 2026 with what it called a well-established private investor in the United Arab Emirates: the parent keeps the spun-off "New Bank" and the buyer takes the rest, with closing expected in the first half of 2027. UniCredit estimated a cumulative profit hit of about €3.0bn to €3.3bn.

The Russian business stays profitable but is shrinking, with net profit of €268m in the first half of 2026 against €472m a year earlier. The permission rests on Decree No. 520 of 5 August 2022, which puts deals in shares of banks owned from "unfriendly" states under the president's personal sign-off. For this bank, a change of owner needs a signature in Moscow, while its parent's retreat answers to pressure from the European Central Bank.

Common Questions
What did Putin's order on AO UniCredit Bank allow?
Order No. 368-rp of 5 October 2026 authorises a reorganisation that spins off part of AO UniCredit Bank into a company whose shares go to UniCredit S.p.A., and transactions to acquire 100% of the bank's shares from its parent. It states that no other Russian permits are needed and names no buyer or price.Source: Official legal information portal of Russia
Who is buying UniCredit's Russian bank?
No buyer has been named. Putin's order of 5 October 2026 names none, and UniCredit's term sheet of 7 May 2026 describes only a well-established private investor in the United Arab Emirates.Source: UniCredit press release, 7 May 2026
Why does UniCredit need Kremlin permission to sell its Russian bank?
Point 5 of Decree No. 520 of 5 August 2022 makes deals in shares of banks owned from "unfriendly" states subject to a special decision by the president. Order No. 368-rp is that decision.Source: Official legal information portal of Russia
When will UniCredit's sale of its Russian bank close?
UniCredit expects closing in the first half of 2027, subject to binding agreements, the spin-off and regulatory approvals.Source: UniCredit press release, 7 May 2026
How much will UniCredit lose by selling its Russian bank?
UniCredit estimated a cumulative hit to profit of about €3.0bn-3.3bn, including €1.6bn-1.8bn of non-cash currency reserves, and a capital benefit of about 35 basis points.Source: UniCredit press release, 7 May 2026
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