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UniCredit S.p.A.
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UniCredit S.p.A.

Milan-based Italian banking group led by Andrea Orcel; parent of AO UniCredit Bank in Russia.

UniCredit S.p.A. is a Milan-based banking group led by Andrea Orcel and the parent of AO UniCredit Bank in Russia. Vladimir Putin cleared that bank's sale on 5 October 2026.

Last refreshed: 12 October 2026

Key Question

Can UniCredit keep a Russian payments business after selling its bank?

Timeline for UniCredit S.p.A.

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Background

UniCredit S.p.A. is a Milan-based banking group run by chief executive Andrea Orcel, and the sole shareholder of AO UniCredit Bank in Russia. On 5 October 2026 Vladimir Putin signed an order clearing the sale of the Russian bank, after part of it is spun off into a company whose shares go to UniCredit.

In May 2026 UniCredit signed a non-binding term sheet to sell the Russian bank, minus the spun-off part, to a private investor in the United Arab Emirates, and estimated a cumulative hit of about €3.0bn-3.3bn. It expects the deal to close in the first half of 2027. The business it keeps will centre on international payments, mainly in euros and dollars. Its Russian net profit fell to €268m in the first half of 2026 from €472m a year earlier.

UniCredit counts among the few large Western banks still operating in Russia. In 2024 it asked the EU General Court for clarity on European Central Bank demands that it cut its Russian risks, while saying it agreed with the ECB on reducing its presence.

Common Questions
Is UniCredit still operating in Russia?
Yes. UniCredit still owns AO UniCredit Bank. In May 2026 it agreed to sell most of it, keeping a spun-off unit focused on international payments. Putin approved the deal on 5 October 2026, and UniCredit expects closing in the first half of 2027.Source: UniCredit press release, 7 May 2026
Who runs UniCredit?
Andrea Orcel is chief executive of UniCredit S.p.A., which is headquartered in Milan.Source: UniCredit 2Q26 results release, 23 July 2026
Why is UniCredit selling its Russian bank?
UniCredit says it is aligned with the European Central Bank on reducing its presence in Russia, and that the sale speeds up the refocusing of its Russian operations on international payments.Source: UniCredit press releases, July 2024 and May 2026
How much does UniCredit earn in Russia?
UniCredit's Russian business made €268m of net profit in the first half of 2026, down from €472m a year earlier, on revenue of €428m against €664m.Source: UniCredit 2Q26 results release, 23 July 2026
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