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
Can UniCredit keep a Russian payments business after selling its bank?
Timeline for UniCredit S.p.A.
Mentioned in: Putin clears sale of AO UniCredit Bank
Russia-Ukraine War 2026Background
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.