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CEO Andrea Orzel said that Unicredit could accelerate her exit from Russia if there is a breakthrough in the Ukraine war.

He said that the end of hostilities can allow Unicredit To secure better conditions after refusing to empty its Russian unit, unlike the “fair price” amid regulatory and legal difficulties in the widespread following of Moscow. Ukraine invasion In February 2022.

“If the policy changes, and our ability to sell [the Russian subsidiary] In a more attractive set of terms, it improves, because, for everyone on both sides, it becomes more normalized. ”So our way to go out and the numbers look much better.”

His comments came after US officials and Russian officials held talks in the Kingdom of Saudi Arabia this week About ending the conflictAnxiety from Ukraine and its European allies who have not been invited to discussions.

While European lenders such as Société Générale and ing have concluded deals to leave Russia, with a major financial blow in this process, a handful remained and slowly wounded its operations.

The exit process has been complex by some Western banks that need transactions to be adopted personally by Russian President Vladimir Putin. However, Unicredtt has Continue In Russia, despite the pressure from the organizers and politicians to accelerate its departure.

UNICREDIT is “out of our business in Russia is completely clear.”

“We are on a journey and we will continue at this stage,” he said. “We cannot return.”

The bank has participated “seriously over the past three years with a large number of corresponding parties in exploring all options” for its business in Russia, “given the various complications and sanctions, we were unable to move forward.”

Russia was an important market for the Italian lender, as its unit has contributed about 5 percent of the total income of the group last year. Revenue in its business in the country jumped by 9 percent to 1.3 billion euros in 2024, according to its recent results in the whole year. The unit contributed 577 million euros with net profits for this year.

However, unicredit has greatly reduced loans and deposits in the country and said it is compatible with demands from the European Central Bank to expand its scope. It is expected that the profits of Russian works will be “marginal” by 2027.

“Unless I am forced to do so, I will not sell Russia for Euro or anything not a fair price,” said Orels.

FT also told the potential support of the European economy from the end of the Ukraine war that was reduced.

“At the end of the war, which I hope will be done with the right conditions, I guarantee this by eliminating geopolitical uncertainty [and] He said the turmoil, the level of investment, and the level of apostasy, will be very important. “We have ignored it but we will get it.”

Although it failed to conclude a deal on her Russian business, unicredit has been at the center of attempts to acquire European banking industry in recent months. The group took 28 percent of the sticking Germany commerzbank He made an unwanted offer for local competition.

However, unicredit this week Threaten From BPM, while the construction of shares was left in Commerzbank in forgetting the federal elections in Germany. The proposed deals have angered politicians in Italy and Germany, respectively.

The two transactions have deteriorated into political discussions. . . This should not be there, and to some extent – perhaps to a large extent – personal attacks. ”

“Although they are two deals on the market, they have sparked a discussion about Europe, the European Union, the Banking Union, and the Capital Markets Union. Given all the discussion on how Europe needs to stand on its feet and gather in order to create the value that was born to create, the debate about it [the deals] It is completely disturbed by this concept. “

When asked about the increasingly charged relations between Washington and European countries since Donald Trump returned to the White House last month, Orels said that the United States tells Europe that it needs to “stand on its feet”, which he described as “positive button -a Callement.”

“I think we are aware of something that should have been clear: if we wanted to be able to defend our ideals, beliefs, and democracy, we need to be a strong economic bloc enough to defend it,” said Oril, adding that he was “optimistic” about the future Europe.