UniCredit to wind down Russia business within next 2 years, CEO says
July 24 (Reuters) -UniCredit CEO Andrea Orcel tells CNBC television in interview:
WE SHOULD CLOSE THE YEAR WITH AT LEAST AN UNDERLYING NET PROFIT WELL AHEAD OF WHAT THE GUIDANCE IS
REDUCTION OF RUSSIA BUSINESS WILL ACCELERATE IN THE NEXT 1-1/2 YEAR TO 2 YEARS, "WE'LL GET THERE"
PLAN IS "TO SOLVE AND WIND DOWN OPERATIONS" WHEN ASKED IF PLAN IS TO EXIT RUSSIA
RUSSIA ACTIVITIES WILL "TREND TO ZERO", BUT WE MUST MAKE SURE WE DON'T BREAK THE RULE OF LAW
BOOKED 200 MILLION EUROS OF PROVISIONS ON RUSSIA, BUT MORE THAN HALF WAS OFFSET BY RELEASE OF RUSSIA PROVISIONS
HAVE IDENTIFIED M&A TARGETS BUT CAN'T BUY THEM BECAUSE THEY TRADE AT BIGGER PREMIUM THAN UNICREDIT, WOULD DILUTE SHAREHOLDER RETURNS
Further company coverage: CRDI.MI
Reporting by Milan Newsroom
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
