UniCredit is looking for investors for Russia exit

Bank Austria parent UniCredit is expanding its search for a buyer for its Russian activities. So far, the bank has spoken to local bidders, but now the search for investors should be extended to countries such as China or India, said two people familiar with the situation. The major Italian bank declined to comment.

In May, bank boss Andrea Orcel said the chances of a deal with a Russian buyer were being increasingly diminished by Western sanctions against Russia.