According to sources, UniCredit has already hired consultants. According to Bloomberg, the group’s interest in expanding its activities in Russia runs counter to the trend of recent years, when foreign lenders reduced their presence in Russia.
Banking group UniCredit is interested in the takeover of the rehabilitated Russian bank Otkritie to expand its presence in Eastern Europe, reports Bloomberg…
According to sources familiar with the issue, the bank has already hired consultants to study Otkrytie’s balance sheet and expects the verification to be completed within a few weeks.
“UniCredit’s interest in expanding in Russia is at odds with the trend in recent years, when foreign lenders such as Deutsche Bank have been reducing their presence in Russia as Western sanctions and compliance risks have affected their business,” notes Bloomberg… RBC sent inquiries to the Bank of Russia, Otkritie and the UniCredit group.
In October 2021, Kommersant, citing three sources, wrote that there are two main contenders for the shares of the sanitized Otkritie Bank: Gazprombank structures and the Region Group – Rossium.
Otkritie Bank and its subsidiaries were reorganized in August 2017. Financial recovery was carried out through the Central Bank-controlled Fund for the Consolidation of the Banking Sector (FCBS). In August 2021, the Central Bank announced that it had begun searching for applicants to purchase the bank. The sale can take place in one of two scenarios: transfer of a controlling stake of 50% plus one share to a strategic investor or a public offering (IPO) of a part of Otkrytie’s shares.
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