Italy has deemed necessary to set binding conditions before clearing UniCredit’s proposed bid for Banco BPM to avoid “even the slightest risk” that savings gathered by the smaller rival benefit Russia’s economy, a decree seen by Reuters showed.
Following supervisory demands, UniCredit has sharply reduced its cross border exposure to Russia, but it still operates a local subsidiary as it failed to disentangle itself before Moscow tightened rules making it near impossible to leave.