Anastasia Terekhina, Senior Partner (Financial Non-credit Institutions Industry) at FBK, ACCA, in an interview to Vedomosti commented on the exit structure from the Russian market announced by the Italian banking group UniCredit. The transaction involves splitting UniCredit Bank into two legal entities, followed by the sale of a portion of the asset to an investor from the UAE.
According to the expert, the key factor determining the format of the deal is the special status of the Italian group's Russian subsidiary. UniCredit Bank is a systemically important credit institution, making a straightforward sale — particularly to a private foreign investor — unlikely, notes Anastasia Terekhina.
The proposed structure, which involves carving out part of the business into a standalone legal entity, takes into account the regulatory nuances of dealing with systemically important banks. Splitting the asset makes it possible to delineate infrastructure, client flows, and liabilities clearly, thereby simplifying the approval process with the Bank of Russia and reducing risks for both the seller and the buyer.
Should the transaction receive regulatory approval, it could serve as a benchmark for other foreign banks seeking to enhance their presence in Russia while maintaining stability for clients and employees. In the current environment, this approach strikes a balance between the requirements of European regulators, the interests of the Russian financial market, and the need to maintain uninterrupted foreign trade settlements.
As noted in the article, to exit the Russian market, a foreign bank must obtain special permission from the President of Russia and relevant authorities for transactions involving shares of Russian credit institutions.
