MILAN (Reuters) – UniCredit’s Russian unit has a “very liquid and self-funded” balance sheet and its impaired loan coverage is very high, Italy’s second-biggest bank said on Thursday as the Ukraine crisis hit its shares.
UniCredit, whose Russian arm is one of the country’s largest lenders, said in an emailed note that provisions against possible losses covered 84% of the subsidiary’s non-performing exposures.
“Our equity in the Russian subsidiary is less than 4% of the group’s total equity and if you look at loans and total assets it’s even less than that,” UniCredit said, adding it was closely following the developments.
(Reporting by Valentina Za, editing by Agnieszka Flak)
