UniCredit tapped CEO’s brother to navigate Russian exit

The bank confirmed that Riccardo Orcel was brought in as an independent adviser by the board to manage the divestment process. His background as a prominent Western banker in Moscow provided the specific expertise needed to navigate the bank's long-standing, and often scrutinized, presence in Russia throughout the ongoing war. While Riccardo Orcel declined to comment on his specific role, the bank credits his work for the non-binding agreement reached last month.

UniCredit intends to sell parts of its Russian subsidiary to a private investor based in the United Arab Emirates, retaining only its payments business. The identity of the buyer remains opaque, reflecting a broader trend where Dubai has emerged as a critical hub for financial transactions involving Russia. This shift follows the closure of traditional European financial centers like Vienna to Russian capital, forcing banks to rely on unconventional intermediaries to comply with mounting regulatory and political pressure to abandon the country.