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UniCredit drops bid for Russian bank over Ukraine tensions

KTVZ
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Published 6:15 AM

MILAN (AP) — UniCredit CEO Andrea Orcel says the Italian bank has decided not to pursue a possible takeover bid for Russian bank Otkritie due to rising tensions over Ukraine, the bank’s CEO said Friday. UniCredit had started due diligence on an offer, but Orcel said that “given the geopolitical environment, we decided to withdraw.”   UniCredit operates the AO UniCredit Bank in Russia, the 12th bank in the country with 70 branches and 400 employees. Orcel was on the list of attendees for a video conference of Italian business leaders and Russian president Vladimir Putin to discuss business opportunities. The bank would not confirm if he participated.  

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