UniCredit said Thursday that it has reached a non-binding agreement to sell part of its Russian subsidiary, AO Bank, to a "well-established private investor in the United Arab Emirates".
    The Italian lender said AO Bank will be broken up, with it retaining its payments arm and selling off the rest to the UAE entity.
    UniCredit has been scaling down its business in Russia since Moscow's invasion of Ukraine in 2022.
    "The parties will cooperate to finalise the transaction structure, related arrangements, and communication to the market in due course," a statement said.
    "The agreement accelerates UniCredit's refocusing of its operations in Russia mainly around international payments primarily in Euros and USD for Western and Russian non-sanctioned corporate clients...
    "The transaction will not affect UniCredit Unlimited's 2028 - 2030 net profit ambitions as any headwinds incremental to what is already embedded in our assumptions will be compensated".
   
   

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