LONDON: UniCredit, an Italy-based banking group, said that it is not eyeing an option of liquidating its business in Russia, Reuters report...
LONDON: UniCredit, an Italy-based banking group, said that it is not eyeing an option of liquidating its business in Russia, Reuters reported.
"Following some speculative rumors in the media, UniCredit confirms that there has been no change to the strategy we are executing and have consistently communicated to the market regarding Russian operations," a bank’s spokesperson said, cited by the news agency.
"Our operations in Russia consist of a small and focused franchise, supporting international corporates in processing payments — particularly in euros and US dollars - and maintaining connections to the Western world," the bank added, cited by Reuters.
Russian news outlet Kommersant reported earlier, citing sources, that UniCredit dropped plans to sell its Russian subsidiary and considers complete winding-up of its business in Russia.
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