UniCredit S.p.A. (BIT:UCG) is considering selling its Russian unit through a structure that would allow the bank to repurchase the subsidiary if the geopolitical situation stabilizes, according to people familiar with the matter. The company is looking at several possible deal arrangements, including one that would give it the option of buying back the unit depending on market and political conditions, said the people, who asked not be named because the matter isn't public. UniCredit already took €1.85 billion ($1.9 billion) of charges on its Russia unit and Chief Executive Officer Andrea Orcel is seeking a deal that would limit any further pain whatever the outcome of the war in Ukraine.

UniCredit's Russia operation has attracted interest from non-sanctioned Russian financial institutions and firms interested in obtaining a bank license in the country, the people said. Potential suitors from countries including China, Turkey and India, seeking to replace Western firms' activities in Russia have also expressed interest, the people said. Early stage talks with potential buyers are ongoing, Bloomberg reported in May 2022.

A spokesman for UniCredit declined to comment.