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UniCredit considers full wind-down of its Russia business

The total number of employees declined by nearly 40% in 2025 to 1,560

MOSCOW, April 10. /TASS/. Italy’s UniCredit has abandoned plans to sell its Russian subsidiary, UniCredit Bank, and is considering a full liquidation of its business in Russia, Kommersant reported, citing sources.

The newspaper wrote citing the group’s 2025 financial statements that the bank’s loan portfolio halved over the period to 626mln euro, while deposits fell by 30% to 2.74 bln euro. The total number of employees declined by nearly 40% in 2025 to 1,560.

"All available assets are currently being sold, the branch network is being wound down, retail operations in the regions have already been closed, corporate business is also being scaled back, and staff reductions are underway, including among client managers with substantial severance payments," a source told the newspaper.

Another source said UniCredit’s main objective is to reduce its Russian operations to a minimum, capitalize profits, and surrender its banking license, which would allow the Italian group to meet exit requirements at a lower cost.

Kommersant previously reported that an investment consortium, Alfa Group, could become the beneficiary of UniCredit Bank, but sources now say no such negotiations are currently underway.

In early 2025, it was reported that UniCredit Bank had suspended outgoing euro transfers for individuals. In 2024, the lender worsened terms for a number of services and products. In August last year, the bank introduced a 5% fee for depositing cash dollars and euros into accounts, and in the fall it stopped accruing interest on current accounts.

The bank, part of the UniCredit group, has operated in Russia since 1989. In March 2022, UniCredit CEO Andrea Orcel said the group was considering exiting Russia due to heightened risks. The requirement has also been driven by the European Central Bank, which has pointed to EU political decisions involving sanctions against Russia. UniCredit has sought clarification from the ECB and courts regarding requirements and procedures, as it has faced criticism and pressure for not fully winding down its operations, which entails significant financial losses.

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