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
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