- UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY) is leaving Russia via "progressive disengagement", a plan that's performing well from a financial perspective, CEO Andrea Orcel told Italian daily Il Sole 24 Ore, as reported by Reuters on Thursday.
- "Russia is performing financially and this cannot be overlooked," he said. "On the other hand there are political considerations that must be taken into account."
- Taking the "progressive" approach to the company's exit from Russia helps safeguard Unicredit's (OTCPK:UNCFF) clients and staff, he explained.
- Earlier this week, Bloomberg reported that the company was considering structuring a sale that would allow the Italian bank to repurchase the Russian subsidiary if the geopolitical situation stabilizes.
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