UniCredit has pulled out of a potential bid for Russian lender Otkritie due to escalating tensions over Ukraine as the Italian group reported better than expected full-year profits.
The Italian lender had shown interest in Otkritie, one of Russia’s largest state-run lenders, as it seeks to boost its profitability, Bloomberg reported this month.
“Given the geopolitical environment we decided to withdraw from the data room,” UniCredit chief executive Andrea Orcel said in a media call on Friday.
Russia’s central bank is planning to list Otkritie, which was nationalised in 2017, in an initial public offering.
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