UniCredit slashes Russia exposure with $3B leasing portfolio sale

A strategic withdrawal or market necessity? UniCredit’s latest move shrinks its Russian presence as local firms like PR-Leasing seize opportunities. What’s next for foreign banks?

, and Administrator

2025 December 10 . 9:26 PM

1 min read

In this picture we can see a market, in which we can see some stoles and we can see few people are... — In this picture we can see a market, in which we can see some stoles and we can see few people are around.

UniCredit slashes Russia exposure with $3B leasing portfolio sale

UniCredit Group has taken a major step to scale back its operations in Russia. The Italian bank recently sold nearly all of its long-term leasing portfolio to PR-Leasing, a local firm. This move follows a broader trend of foreign financial institutions reducing their exposure in the country.

The transaction involved a portfolio valued at around 3 billion rubles. PR-Leasing confirmed the deal, which was structured using US dollar-linked calculations and quasi-currency bonds. These bonds were designed to amortise in line with the leasing payment schedule.

UniCredit’s decision aligns with recent internal changes, including the departure of several long-serving employees. These shifts suggest a deliberate effort to wind down Russian operations. Industry experts view the sale of the portfolio as a logical step, though selling the entire company would require approval from multiple regulators, including the Russian president.

The bank’s latest financial reports show a 17.7% drop in assets, falling to 141.8 billion rubles by the third quarter of 2025. This places UniCredit Bank 50th in Russia by assets and 23rd by capital. Meanwhile, PR-Leasing continues to expand its portfolio despite challenging market conditions, including high interest rates and stagnant demand.

The sale marks a clear reduction in UniCredit’s Russian footprint. With most of its leasing portfolio now transferred, the bank’s remaining assets are set to shrink further. The deal also highlights PR-Leasing’s strategy of growth in a difficult economic environment.