UniCredit Aims to Keep Reducing Russian Business
By Adria Calatayud
UniCredit plans to keep shrinking its operations in Russia, Chief Executive Andrea Orcel said Wednesday.
The Italian bank aims to reduce local loans in Russia to below 1 billion euros ($1.09 billion) next year, Orcel told analysts during a conference call after the lender's second-quarter results. This comes after UniCredit already reduced its local loans in the country to EUR2.3 billion currently from EUR7.3 billion in the first quarter of 2022, when Russia's invasion of Ukraine began, he said.
The bank also plans to reduce its local deposits in Russia by more than three-quarters and its cross-border payments by more than two thirds next year, Orcel said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
July 24, 2024 13:15 ET (17:15 GMT)
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