Western banks calculate asset swaps to withdraw from Russia
Western banks are said to be looking to mitigate the huge losses caused by withdrawals Russia.
In an effort to reduce the huge losses to Russian operations caused by having to leave the sanctioned country, UniCredit and Citigroup are looking to swap assets with Russian banks, the FT reported, citing guide knowledgeable people on the subject.
The plan comes in the context of a series of foreign banks leaving Russia due to Western sanctions imposed on the country because of the military campaign in Russia. Ukraine. According to estimates released last week, European banks have lost nearly $10 billion to protect themselves against the expected economic effects of Russian sanctions.
UniCredit, an Italian global banking and financial services group, is discussing the sale of its Russian business to a number of financial institutions not yet sanctioned by the West, according to FT sources.
Although UniCredit could lose 5.3 billion euros ($5.5 billion) due to its withdrawal from Russia, it is said to have rejected an offer from Interros group, the investment business owned by Vladimir Potanin, a one of the richest people in Russia is not included in the sanctions list.
Interros has acquired several businesses, including Rosbank, a subsidiary of French Societe Generale, as well as a 35% stake in the highly regarded fintech company TCS from Russian businessman Oleg Tinkov.
Meanwhile, Citigroup is holding “multiple dialogues” with mid-sized Russian banks to sell their consumer operations and part of their commercial commitments in the country. The sale to an entity is not subject to punishmentrather than an asset swap, is arguably more appropriate for American multinational banking corporations.
at Blogtuan.info – Source: laodong.vn – Read the original article here