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Unicredit is considering the acquisition of the Russian Otkritie Bank

Unicredit is considering the acquisition of the Russian Otkritie Bank

The logo of the Russian Bank Otkritie

The House of Money was rescued from bankruptcy in 2017 by the Russian Bank.


(Photo: Reuters)

ROM Unicredit He appears to be interested in a possible takeover of the Russian Otkritie Bank, which was saved a few years ago. CEO Andrea Orsel wants to expand the main Italian bank’s presence in Eastern Europe again, according to people familiar with the matter.

Unicredit will begin due diligence from the finance house early this week, people say. People, who declined to be named, said Milanese have appointed a consultant to review the Bank of Moscow’s books and expect the process to be completed within weeks.

Otkritie is a systemically important Russian institution that was nationalized in the country’s largest bailout in 2017 after the bank collapsed due to bad loans, most of which it lent to its owners.

Unicredit’s interest in Russian expansion goes against the trend in recent years that some foreign lenders like German Bank Reducing their local presence as sanctions and compliance risks impacted the business. In addition to Unicredit, Austria’s Raiffeisen International Bank and France’s Société Générale are still represented in the country.

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Unicredit and Otkritie spokespeople were unable to immediately comment on the information.

The deal would be a coup for deal veteran Orcel after failed negotiations with the Italian government to take over the scandalous bank. Monte de Paschi Di Siena last year. He has already indicated the possibility of an acquisition and that business in Central and Eastern Europe is indeed essential to Unicredit.

According to Banki.ru, Otkritie is the seventh largest Russian bank with total assets of more than 3.3 trillion rubles (39 billion euros).

Russia’s central bank, which has owned Otkritie since the bailout, said in August that it had begun preparations for an initial public offering but was also considering an option to sell it to a strategic investor.

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