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UniCredit and Citigroup are considering whether to trade assets with Russian financial institutions


UniCredit has received several offers from Russian financial institutions to buy its local subsidiary since its director general, Andrea Orcel, said in March that it was considering withdrawing from Russia, the publication said, citing sources familiar with the matter.

Citigroup is the most diverse international bank in the United States.

The bank provides commercial financing to corporations and manages the wealth of billionaires around the world.

UniCredit received an offer from Interros Group, an investment company owned by Vladimir Potanin, one of Russia’s richest people, and an oligarch who was not sanctioned by the United States, Britain or the European Union, but the Italian bank rejected the offer. , according to FT.

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Citi declined to comment. UniCredit and Interros did not immediately respond to Reuters’ comments.

In March, UniCredit detailed its exposure to Russia, reporting a loss of 7.4 billion euros in the worst case. The bank confirmed its cash dividends and share repurchase plans, making the latter conditional on a key capital threshold.

Citi CEO Jane Fraser said last year the bank would sell its Russian consumer division, along with a dozen other consumer businesses in the Asian and EMEA markets, which it said were too small to hold. . Since then, Citi has found buyers for many of these businesses.

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