L’BUT of Piazza Gae Aulenti
Andrea Orcel sets his sights on the Russian Otkritie Bank, bank in the past in the orbit of the “magic circle” of Vladimir Putin and that the Kremlin, during the perfect storm of 2014-2017 of collapse in the price of oil, from the post-Ukraine international sanctions And of the ruble crisis had used like longa manus for resolve the difficulties of other Russian credit institutions in due course and saved in turn, after a severe liquidity crisis due to the flight of deposits, from bankruptcy thanks to an intervention by the Central Bank of Russia as of August 2017.
That of Otkritie Bank it had been the first public bailout for one of the 10 major private listed banks of the Federation, one of the large Russian “systemic” credit institutions and for which the institution led by the central bank Elvira Nabiullina, very loyal to Putin, had also made use of the resources of the Moscow Banking Consolidation Fund.
The reorganization process was completed with the sale of asset toxic in July 2019 and after a series of promotions by rating agencies, according to reports from the Reuters, the Central Bank of Russian Federation is considering one double option for the exit from the capital: the sale or a‘Hypo, operation always to score by the end of 2022.
Otkritie it is the sixth largest banking group in the country for active, with approximately 480 branches present throughout the Federation and, thanks to a rapid growth of business (one of the highest in the domestic financial sector), in the first nine months of last year has almost doubled its profits at altitude 788 million dollars.
The institute in Piazza Gae Aulenti, already present in Russia since 1989, has just started the due diligence. The dossier would fall under the strategy of the new head of UniCredit, champion ofinvestment banking, to also resort to the lever ofBUT for accelerate the achievement of target of the new industrial plan UniCredit Unlocked.
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