One of the largest Western banks in Russia has begun winding down customer service

The Russian subsidiary of the Italian banking group UniCredit has begun recommending that some customers close all current accounts and cards and transfer money to other banks. The credit institution explains such recommendations by the gradual reduction of retail business in Russia.

The new practice was reported by customers of "UniCredit Bank". According to them, they received relevant recommendations from the support service. One customer was also advised not to replenish the account anymore due to the winding down of the retail direction, Russian media report.

In the messages, the bank offers customers to consider the possibility of closing accounts and cards and transferring ruble balances to another credit institution.

At the same time, UniCredit has not yet announced an immediate complete cessation of services for individuals in Russia. It is about the gradual reduction of this business area.

UniCredit is gradually winding down operations in Russia

The reduction of the retail business is taking place against the backdrop of a broader winding down of UniCredit's Russian operations. Since July, the Russian bank has stopped reissuing debit cards, and in August it announced the termination of internet banking for legal entities.

The Italian group has been under pressure from European regulators for several years, who demand reducing risks associated with activities in Russia. The European Central Bank has previously set requirements for UniCredit to further reduce its Russian presence.

UniCredit itself stated that after Russia's full-scale invasion of Ukraine, it significantly reduced both cross-border and domestic operations in the Russian market.

Part of the Russian business is planned to be sold

In May 2026, UniCredit signed a non-binding agreement with a private investor from the United Arab Emirates regarding the sale of part of its Russian "daughter".

The planned operation involves the division of the Russian bank into two structures. Part of the business is to be carved out into a new legal entity that will remain wholly owned by UniCredit, while the other part of the bank will be transferred to the investor.

After the reorganization, the Italian group plans to focus its presence in Russia mainly on international payments in euros and dollars for Western and Russian corporate clients who are not under sanctions.

The completion of the transaction is expected in the first half of 2027. For this, the parties still need to conclude final legally binding documents, carry out the separation of assets, and obtain regulatory approvals.

Based on materials from: UniCredit