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UniCredit boss says giving away Russian unit would be morally wrong -Breaking


© Reuters. FILEPHOTO: UniCredit’s logo can be seen outside the branch of Moscow, Russia. July 4, 2016. Reuters/Maxim Zmeyev/File photo

MILAN, Reuters – Giving away the Russian UniCredit branch for free is a moral lapse, said the head of an Italian bank.

UniCredit, Russia’s largest bank by assets, is currently studying exit strategies after Russia invaded Ukraine.

Andrea Orcel, CEO, stated that gifting and writing off the money is inconsistent with sanctions. She was speaking at a conference about financial education for students.

We would gift something that is worth three billion dollars. [euros]For nothing to someone, who most likely is in leadership we have decided not to veto.”

Orcel claimed UniCredit was less exposed to Russia than it had been previously, however, a abrupt exit from Russia would affect its 4,000 employees and customers. Customers are European companies trying to separate themselves from Russia.

He said, “If we interrupt this without due transition these businesses are on their knees instantly and we are not in that sense damaging Russia. We’re damaging corporations of Europe that want to transition out.”