UniCredit Accelerates Exit from Moscow with Portfolio Sale

(Alliance News) - UniCredit is moving swiftly forward in its process of exiting Russia, according to a report published Wednesday by Il Corriere della Sera.

According to Kommersant, the group led by Andrea Orcel has sold the entire long-term portfolio of its subsidiary UniCredit-Leasing to Russian company Pr-Leasing, amounting to contracts worth RUB3 billion, or approximately EUR34 million. The transaction was reportedly structured with payments anchored to the US dollar, while Pr-Leasing financed the purchase through the issuance of virtual currency bonds, with amortization synchronized to the cash flows from the leasing contracts.

The strategy--writes Il Corriere--mirrors the approach taken by Intesa Sanpaolo in its own withdrawal from Moscow and would allow UniCredit to minimize losses, avoiding the complex procedures required for the full divestment of a Russian company. Such a sale would demand the approval of the President of the Russian Federation, authorization from the authorities, and compliance with restrictions imposed on foreign shareholders, including selling at no more than 40% of market value and paying a 35% contribution to the Russian state budget.

In the case of a portfolio sale, however, these obligations do not apply. Pr-Leasing, part of the Simple Solutions Capital fund, confirmed the agreement without disclosing its value. According to the Expert Ra ranking, in the first half of 2025, the company ranked 29th in terms of new business volume, totaling RUB3.16 billion.

The operational wind-down of UniCredit-Leasing is also evidenced by the resignations of UniCredit Russia president Kirill Zhukov-Emelyanov, board member and head of corporate and investment Vadim Aparhov, and chief operating officer Yulia Petrova.

By Antonio Di Giorgio, Alliance News reporter

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