However, as the portal notes, the bank does not publicly announce the immediate termination of customer service, and the offers to close accounts are linked to the reduction of operations in Russia.
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UniCredit announced its intention to withdraw from the Russian market back in 2022, during the large-scale war in Ukraine. In recent years, the Italian group has been steadily reducing its business in Russia, including lending and customer base. However, the active phase of this process began after the European Central Bank tightened requirements for European credit institutions still operating in the Russian market. By that time, the bank had stopped issuing expired debit cards, and from December it will stop issuing cards due to
At the beginning of June, it also became clear that UniCredit began recommending its privileged clients to switch to other banks with foreign capital. OTP Bank started a special promotion for UniCredit clients, offering discounts on services and privileges. Currently, the Italian bank in Moscow has only one branch left providing services to individuals. From 2025, the credit institution will not accept new business clients.
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In May this year, UniCredit announced an agreement with a private investor from the United Arab Emirates to sell part of its Russian business. The deal involves splitting the bank into two structures: part of the business will be separated into a new legal entity, which will remain 100% controlled by UniCredit, and the remaining part will be transferred to the investor.
According to the Italian group’s plan, after the deal, UniCredit will primarily retain business related to international settlements – mainly in euros and dollars – intended for Western and Russian business clients who are not subject to sanctions. The bank expects to complete the deal in the first half of 2027.
