One of the few European banks still operating in Russia, UniCredit, has started active preparations for a complete withdrawal from this market.
This is reported by Finway
Key Executives Leaving UniCredit in Russia
Significant personnel changes have occurred in the management of UniCredit’s Russian division. Several top managers have left their positions, including Chairman Kirill Zhukov-Yemelyanov, who worked at the company for over twenty years and led the Russian subsidiary of the Italian group for the last five years. Along with him, the head of the corporate and investment division, Vadim Aparhov, and Chief Operating Officer Olga Petrova have also left the bank.
Asset Sales and Reduction of Presence
Alongside the personnel changes, UniCredit Group has sold nearly its entire long-term portfolio of the leasing company “UniCredit Leasing” to the Russian structure “PR-Leasing.” The total value of the transferred contracts amounted to 3 billion rubles. The remaining leasing obligations are expected to be settled in the near future.
“The departure of key top managers alongside the sale of a major asset is a signal of preparation for a complete exit from the country,” says Oleg Abelyev, head of the analytical department at IC “Rikom-Trast.”
These events indicate UniCredit’s intention to fully conclude its business in Russia amid the ongoing exit of Western companies from the Russian market.