UniCredit Reorganizes Russian Division Through Corporate Decree
16 reports, 1 independent
Updated Oct 6
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What happened
Russian President Vladimr Putin authorized the reorganization of UniCredit's Russian division through a corporate decree reported by TASS. This reorganization involves spinning off a new company. UniCredit had previously signed a non-binding agreement last May to sell part of its Russian subsidiary's assets. After the transaction, UniCredit will hold 100% of the "New Bank," while the buyer will hold 100% of the "Remaining Bank".
From ansa.it
Why it matters
The decree allows UniCredit to restructure its operations in Russia without requiring further permits or approvals under Russian law. This move follows a prior agreement to sell assets of its Russian subsidiary.
From ansa.it