MILAN – Italy’s UniCredit will give an update on its Russian exposure at the end of the second quarter of this year but feels “well covered” after the provisions posted in the previous quarter, Chief Executive Andrea Orcel said on Tuesday.
UniCredit runs Russia’s 14th largest bank and has been studying alternatives, including an exit, since Russia invaded Ukraine in February.
Italy’s second-biggest bank booked 1.3 billion euros ($1.37 billion) in provisions to offset possible losses on its Russian assets in the first quarter.
“At the end of the first quarter we took the decision to go as close as possible to what we felt was the worst-case scenario,” Orcel told Mediobanca’s “Italian CEO Conference” in Milan.
“We feel we are well covered for any eventuality.”
($1 = 0.9470 euros)
