Ukraine Turnaround Could Accelerate UniCredit’s Exit from Russia, Says Orcel

Milan: UniCredit CEO Andrea Orcel has indicated that a shift in the dynamics of the Ukraine conflict might hasten the bank’s withdrawal from the Russian market.

According to Ansa News Agency, Orcel shared his insights with the Financial Times, stating that a political change could enhance their ability to divest from the Russian branch under more favorable conditions. “If politics change, our ability to sell ‘the Russian branch’ on more attractive terms improves, because the situation normalizes for everyone, on both sides,” Orcel elaborated during the interview with the British financial daily.

The CEO further noted that such developments would not only expedite the bank’s exit strategy but also improve their financial outlook. “Therefore, our exit path is accelerated and the numbers look much better,” Orcel concluded, highlighting the potential positive impact of a resolution to the conflict on UniCredit’s operations.