The chief executive officer of the Italian UniCredit bank, Andrea Orcel, said that letters calling from the ECB to reduce business in Russia have probably been received by all banks that continue to operate in Russia. Bloomberg reports this.
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UniCredit was one of EU banks that received a letter from the European Central Bank calling on them to reduce their business in Russia. Last month, Raiffeisen Bank International AG reported calls from the EDB to cut the Austrian bank's business in Russia.
“Every bank in Europe with any influence on Russia has probably received a letter from the ECB,” it said on Tuesday UniCredit CEO Andrea Orcel. He refused to comment specifically on UniCredit.
UniCredit is so far avoiding a full-scale exit from Russia. The bank said that the strategy meets the expectations of regulators and that it continues to implement a plan to reduce Russian cross-border risks to zero by the end of next year.
The Italian bank operates in Russia through its subsidiary UniCredit Bank JSC, offering services for corporate and private clients. It employs approximately 3,100 employees in 50 branches. With the outbreak of war, the Milanese bank set aside funds in case of default in Russia.
