"Kommersant" reports on the ownership of UniCredit Bank in Russia, which has been acquired by "Alfa Group" structures.
Scoop: Unicredit Drops an Eye-Popping 60% Discount on Russian Subsidiary to Three UAE Investors
Here's a juicy nugget for you – Italian banking giant Unicredit is about to unload its Russian arm, Unicredit Bank, and it's doing so at a whopping 60% discount to three deep-pocketed investors hailing from the United Arab Emirates (UAE)!
These financially savvy fellows are cooking up a deal so complex that it makes a Rubik's cube look like a child's puzzle. The brains behind this operation are rumored to be connected to Alpha Group, as insider chatter suggests.
Now, hold on to your seats, because things are about to get real interesting. Alfa Bank, while denying any involvement, is suspiciously tight-lipped about the whole shebang. As for A1 and Alpha Group, well, they've got nothing to say on the matter, at least for now.
The UAE trio, which includes investment powerhouses Asas Capital and Mada Capital, based in Dubai, has formed a Special Purpose Vehicle (SPV) in cahoots with Inweasta, an investment firm already operating within Russia. Not familiar with Inweasta? Don't sweat it – they specialize in resolving cross-border disputes, which could come in handy given the regulatory labyrinth ahead.
Inweasta picked up Russia's PPF Insurance company last year, so they're no strangers to navigating Russia's regulatory waters, making them crucial players in this transaction. To sweeten the deal, the UAE consortium has promised the Italian Treasury a substantial chunk of change to help smooth things over.
UniCredit's Russian chapter, which has been in operation since 1989, has a hefty balance sheet of approximately €1.5 billion that these UAE investors crave. Asian and Middle Eastern buyers are eying the Russian assets, with a presidential decree and Central Bank approval required to finalize any Western deals.
To seal the deal, the buyer must pony up a hefty discount of at least 60%, with 35% of the sale's proceeds mandated to be funneled to the Russian budget. Inweasta's expertise supposedly plays a key role in securing the necessary approvals from regulatory bodies and documentation for the transaction.
Andrea Orcel, Unicredit's big cheese, has hinted that a resolution to the Ukraine conflict could expedite the sale of the Russian division – ideal news for the UAE investors and their deep pockets. If the deal goes through, it's gonna be a wild ride, catching everyone's attention in the banking world. So buckle up!
PS: A1, the Italian bank's spokespeople, insist they have no involvement whatsoever in the deal, although they can't deny its potential existence. They confirm A1 is a private firm, unrelated to the Alfa Group consortium, according to the Unified State Register of Legal Entities.
In the midst of this intriguing deal, the UAE investors are not only focusing on the business aspect of acquiring Unicredit's Russian subsidiary, but also the life-changing opportunities it may bring in terms of finance and industry, possibly reshaping the overall business landscape. Despite various parties remaining tight-lipped, the complex nature of the transaction indicates that finance and industry players from different regions, such as the UAE and Russia, will collaborate, potentially influencing the global financial industry.
