The Strategist

FT: ECB exerts "heavy pressure" on UniCredit due to its Russian business



11/09/2022 - 09:21



According to the FT, the ECB is pressuring UniCredit to leave Russia because it views the bank's position there as a risk.



CAPTAIN RAJU
CAPTAIN RAJU
The European Central Bank (ECB) is pressuring UniCredit to leave Russia because it views the Italian bank's position there as an unfavorable source of risk. The Financial Times reported this, citing reliable sources.

The chief executive officer of Italy's largest bank, Andrea Orcel, told the newspaper's interlocutor that he "experiences strong pressure from the ECB" over Russia.

He noted that does not want to follow the lead of French company Societe Generale, which earlier sold its Russian business to billionaire Vladimir Potanin, and sell the bank's Russian holdings to some "local oligarch." Instead, according to the publication, UniCredit's management is in negotiations with potential owners in Turkey, China, and India, about which the ECB frequently requests reports.

UniCredit "seeks to exit Russia in an organized and decisive manner," a bank spokesman told the newspaper.

source: ft.com

 




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