Unicredit Bank takes German Unicredit Bank to court to recover about 175 million euro in counter-guarantees

MOSCOW. April 25 (Interfax) - Unicredit Bank filed a claim to recover about 175 million euros of debt under counter-guarantees from the German Unicredit Bank GmbH (HypoVereinsbank), information in the arbitration casefile says.

Unicredit Bank is demanding that its sister structure recover debt and interest for untimely fulfillment of obligations under four counter-guarantees for approximately 175 million euros.

The bank did not respond to a request for comment from Interfax.

The court has scheduled an interview with the parties and a preliminary hearing of the case for June 14. If the parties fail to appear and there are no statements of objection, the case will be considered on its merits at a hearing on June 14.

Based on 2023 financial results, Unicredit Bank ranks 15th in terms of assets in the Interfax-100 ranking.

Unicredit is considering the possibility of leaving Russia. Group CEO Andrea Orcel said during a conference call with analysts in July 2022 that the group sees interest in Unicredit Bank from countries that have not imposed sanctions against Russia. However, he noted that the group does not intend to sell the asset at any price. Over the past year, the group's Russian business has changed in size and has reoriented itself toward a reduction in local business as well as a significant reduction in risks for foreign clients.