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UniCredit says Russian unit’s “very liquid and self-funded” -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A view of UniCredit Tower, and the “Bosco Verticale”, a residential tower, after the Italian government placed a virtual lockdown in the northern part of the country. This was taken in Milan, Italy, March 8, 2020. REUTERS/Flavio Lo Scalzo/File P

MILAN (Reuters – UniCredit’s Russian arm has a very liquid balance sheet, and it is self-funded. The bank that was second in size to Italy said this on Thursday.

UniCredit’s Russian arm, which is among the largest in the country, stated that 84% of its non-performing exposures were covered by provisions for possible losses.

UniCredit added that less than 4% is our equity in Russia’s subsidiary. If you take a look at total assets and loans, it’s even more,” UniCredit noted.

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