UniCredit taking 'progressive disengagement' approach to Russia

RobsonPL/iStock Editorial via Getty Images

• 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.