UniCredit ties buybacks to Russian exposure fallout

The Italian lender could lose as much as 200bp of CET1 ratio from a full write-down of Russian assets

UniCredit stands to lose 200 basis points of Common Equity Tier 1 (CET1) ratio from a full write-down of its Russian assets – among the heaviest potential hits yet quantified by foreign banks exposed to Russia’s crumbling economy, and one that could, at worst, curtail its payout plans.

UniCredit’s reported CET1 ratio stood at 15.03% at end-2021. A planned €2.6 billion ($2.85 billion) share repurchase would have taken this down to 14.13%, but the bank said the ultimate extent of buybacks would

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