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UniCredit has signed a non-binding preliminary agreement to sell a part of its Russian subsidiary, AO Unicredit Bank, the Italian banking group announced on May 7.

The prospective buyer is described in the company's statement as "a well-established private investor in the United Arab Emirates with long standing ties to the local institutional and business community", whom UniCredit said it had subjected to appropriate compliance checks.

Under the terms of the proposed transaction, part of the Russian bank's operations will be spun off into a separate entity — referred to as the "New Bank" — which will remain under the full ownership of the Italian group. The remainder of the business, the so-called "Remaining Bank", will be transferred to the buyer.

The deal is expected to close in the first half of 2027, subject to regulatory approvals and completion of the spin-off process.

The restructured entity will allow UniCredit to focus its Russian operations primarily on international payments for Western and Russian non-sanctioned corporate clients, the company said.

"The transition has been structured and shall be executed to ensure continuity and stability for clients and employees. Customers utilizing UniCredit's payment solutions to and from Russia will maintain access to the current set of operations throughout the process," the bank said in a statement.

UniCredit said the deal would reduce risks associated with its Russian business and have a positive impact on the group's capital position. The group nevertheless expects a cumulative negative effect on its financial result of 3–3.3 billion euros, a significant portion of which relates to currency translation losses and is non-cash in nature.

Unicreditbank is deemed a systemically important bank in Russia, meaning its sale requires a special presidential decree. Kremlin spokesman Dmitry Peskov said no decision had yet been taken on the possible sale of UniCredit's Russian assets.

The group's chief executive Andrea Orcel first raised the prospect of an exit from Russia in spring 2022, shortly after the start of the military conflict in Ukraine. However, the process gained momentum after the European Central Bank (ECB) tightened its requirements for European lenders maintaining a presence in Russia. UniCredit subsequently filed a lawsuit against the ECB, alleging that the regulator had violated the principle of respect for private property.

On April 10 2026, Kommersant reported that UniCredit had revised its approach to its Russian exit, with a complete wind-down — followed by the surrender of the banking license and liquidation — emerging as an alternative to an outright sale. However, UniCredit Group maintained that "there had been no change to the strategy" for Russia.

The bank's loan book shrank by 54% in the first quarter of 2026, and the Russian unit's contribution to the group's net profit fell to below 5%, according to RBC. The parent group, meanwhile, posted a record quarterly net profit of 3.2 billion euros, up 16% year on year.