UniCredit and Citigroup are exploring asset swaps with Russian financial institutions as western banks exiting the country scramble to avoid hefty writedowns on their operations, according to people with knowledge of their plans.
The banks are among a small number of western lenders with a significant presence in Russia. Moscow’s invasion of Ukraine and the subsequent international sanctions have forced foreign bank executives to consider turning their backs on the country.
A Financial Times analysis last week showed western banks were already steeling themselves for more than $10bn of losses on their Russian operations.
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