UniCredit, one of Italy’s largest banks, turned to a familiar face when it needed help selling off its Russian operations — the brother of its own chief executive.
Riccardo Orcel, who previously held a senior position at VTB Group, a Russian bank backed by the state, helped arrange a recent agreement to offload the Italian bank’s Russian business. His brother, Andrea Orcel, serves as CEO of UniCredit. VTB Group is now subject to Western sanctions.
This marks the first time Riccardo Orcel’s role in the transaction has been publicly reported. His background as a former prominent Western banker in Moscow gave him unique experience to navigate the complex deal.
UniCredit addressed his involvement directly in a statement provided to Reuters: “UniCredit confirmed that Riccardo Orcel presented a proposal regarding their Russian business and was appointed as an independent adviser by UniCredit’s Board in connection with the execution of that process. The transaction announced last month was the successful outcome of that work.”
Riccardo Orcel did not respond to requests for comment from Reuters.
UniCredit had maintained one of the largest Western banking presences in Russia, continuing to operate there even as the war in Ukraine prompted regulators to push Western financial institutions out of the country.
In May, UniCredit announced it had reached a non-binding agreement to sell portions of its Russian banking operations to a “well-established private investor” located in the United Arab Emirates. The bank said it plans to keep only its payments operations in Russia.
The identity of the buyer and those backing the purchase remain largely unknown, apart from the fact that they are based in the UAE. Dubai has emerged as a key hub for conducting business with Russia, as Western sanctions have effectively shut down traditional financial centers that once served that purpose, such as Vienna.
