UniCredit SpA withdrew from a possible deal to take over Russian lender Otkritie Bank FC, with Chief Executive Officer Andrea Orcel signaling that the military build up in the region was a factor in the decision. Picture: BLOOMBERG
“Given the geopolitical environment we decided to withdraw from the data room,” Orcel said in a media call on Friday. “The combined bank would have benefited from a much stronger market position and significant synergies without meaningfully increasing our exposure to the country.” Otkritie is a systemically-important Russian bank that was nationalised in 2017 as part of the country’s biggest-ever bailout after it collapsed under a pile of bad debt, much of it linked to its former owners. Bank of Russia, which is reviewing options to dispose of its stake, said that several strategic investors have showed interest in participating in the sale process and an IPO remains one option for the central bank to exit Otkritie.
The trend in recent years for foreign lenders such as Deutsche Bank has been to scale back their Russian presence as Western sanctions and compliance risks weighed on their business.
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