Putin authorized the reorganization of Unicredit Bank

Russian President Vladimir Putin has authorized the reorganization of Unicredit Bank and the sale of its shares. The corresponding decree was published on the official Internet portal of legal information on October 5.

"To authorize the reorganization of Unicredit Bank Joint Stock Company in the form of a separation of a business entity with the receipt of its shares (shares in the authorized capital) by the sole shareholder of the said joint stock company; transactions for the acquisition of one hundred percent of the shares of Unicredit Bank joint stock Company owned by Unicredit S.P.A.," the document says.

Currently, shares of Unicredit Bank JSC belong to a foreign parent company. Thus, the Russian bank received a legal opportunity to change ownership.

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Kremlin spokesman Dmitry Peskov said on May 7 that Russia had not yet taken any decisions on the possible sale of the Russian business by the Italian bank Unicredit to the United Arab Emirates. Bloomberg reported at the same time that the Italian banking group UniCredit S.p.A. had signed a non-binding agreement to sell part of its business in Russia to a private investor from the UAE, estimating the total loss of profits from the deal at €3-3.3 billion.