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UniCredit could probably buy bank in Russia – share loses

According to circles, UniCredit is interested in taking over the Russian Otkritie Bank FC, which was saved a few years ago.

CEO Andrea Orcel wants to expand the presence of the major Italian bank in Eastern Europe, reported the Bloomberg news agency on Tuesday, citing people familiar with the matter. UniCredit wants to start the financial house’s due diligence this week.

The Milanese had hired a consultant to check the books of the Moscow bank, it was said in the circles. They expected the process to be completed within weeks.

Otkritie is a systemically important Russian institute that was nationalized in 2017 in Russia’s largest rescue operation. The bank had previously collapsed due to bad loans. The loans were mainly given to the previous owners.

In Milan, UniCredit shares have recently dropped 3.37 percent to EUR 13.59.

/phs/APA/he

NEW YORK (dpa-AFX)

Reference-www.finanzen.at

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