Putin Approves UniCredit Bank Reorganization in Russia

Russian President Vladimir Putin signed a decree authorizing the corporate reorganization of AO UniCredit Bank, the Russian subsidiary of Italian banking group UniCredit. The transaction allows the parent company to acquire 100% of the shares in a newly separated entity without requiring further domestic regulatory approvals under Russian law.

The cross-border corporate maneuver moves forward one of the asset-disposal dossiers for a Western financial institution operating within Russia since 2022. According to a decree published by the Russian state news agency Tass, the restructuring splits the business through a corporate spinoff that creates two distinct entities.

Russian Decree Removes Approval Requirements for Transactions

The presidential authorization relies directly on Russian decree No. 520, issued on August 5, 2022. That framework imposed special economic restrictions on financial transactions involving entities from states defined by Moscow as hostile, requiring direct Kremlin approval for changes in foreign-owned corporate structures. The new decree explicitly removes the necessity for any additional consents, approvals, or permits under Russian legislation to complete the specified transactions, as noted by the sources.

UniCredit has maintained a presence in the Russian market alongside Austrian lender Raiffeisen and Hungarian bank OTP, resisting total exit pressures from European regulators immediately following the 2022 invasion of Ukraine. Financial details and procedural mechanics of the separation have emerged gradually through preliminary agreements and official disclosures.

Corporate Structure of New Bank and Remaining Bank

Under the terms of the reorganization outlined by the sources, the multi-stage operation involves splitting AO UniCredit Bank into two parts. UniCredit previously signed a non-binding term sheet in May with an unnamed private investor based in the United Arab Emirates to sell a portion of the Russian operations.

When the transaction concludes, UniCredit will retain 100% ownership of the newly formed “New Bank,” which will house its ongoing international payment activities in the country. Simultaneously, the unidentified private buyer will take 100% ownership of the “Remaining Bank,” which holds the assets slated for divestment, according to the sources.

UniCredit Projects Sale Completion by Early 2027

When UniCredit announced its preliminary agreement in May, the bank projected that the full completion of the sale would stretch into the first half of 2027.