Latest news with #AsasCapital
Zawya
28-05-2025
- Business
- Zawya
Gulf firms approach Italy to buy UniCredit's Russia business, document shows
Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed. UniCredit is under pressure both from the European Central Bank and Italy's government to quit Russia, where it runs a commercial lender. It has so far resisted leaving at a loss, insisting instead on a gradual disengagement. This month it targeted ending its Russian retail business by mid-2026. Under the plan, Dubai-based investment firms Asas Capital and Mada Capital would set up a special purpose vehicle and team up with Inweasta, an advisory and investment firm which already operates in Russia, the document showed. The Gulf-based investors are relatively small and little-known. Mada manages the equivalent of $639 million in assets and focuses on regional markets. Asas Capital was founded in Dubai in 2009 and says it focuses on capital markets, private equity, advisory and entrepreneurship. Unspecified Italian partners would also take part in the deal, with the task of securing approvals from the ECB, Italy and European Union and U.S. regulators. "All parties involved in the transaction are not subject to sanctions and are in full compliance with the applicable sanctions regime," the document said. "The source of funds originates from the United Arab Emirates," it added. News of the proposal was first reported by Italian daily Il Messaggero. Asas, Mada and Inweasta did not immediately reply to requests for comment. UniCredit declined to comment. Inweasta specialises among other things in cross-border disputes resolution. Last year it bought Czech group PPF's Russian PPF Life Insurance LLC business, securing approval from the central bank and the Foreign Investment Subcommittee. "Inweasta facilitates obtaining all necessary regulatory approvals and transaction documentation in Russia," the document said. A presidential decree and a green light from the Bank of Russia are necessary for Western companies to dispose of Russian assets. The UAE consortium is proposing the acquisition of UniCredit's Russian business at a 60% discount to market value, the document showed. UniCredit has been steadily reducing its Russian operations though it has challenged the stricter exit deadlines demanded by the European Central Bank through the European General Court. The Italian government has also asked UniCredit to exit Russia by early 2026 as part of conditions to authorise its buyout offer for smaller domestic rival Banco BPM.
Bloomberg
28-05-2025
- Business
- Bloomberg
UniCredit's Russia Unit May Attract Bids From UAE-Based Firms
United Arab Emirates-based companies have reached out to Italy's government with plans for a possible bid for Italian lender UniCredit SpA 's Russia unit. Mada Capital and Asas Capital plan to jointly establish a special purpose vehicle which would buy the asset, according to a document seen by Bloomberg. The project will be assisted by Inweasta group and the sale process could take between six to eight months, the document shows. The news was reported earlier by Italian newspaper Il Messaggero.
Zawya
28-05-2025
- Business
- Zawya
Gulf firms approach Italy's Treasury to buy UniCredit's Russian assets, document shows
ROME: Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed. Under the plan, Dubai-based investment firms Asas Capital and Mada Capital would set up a special purpose vehicle and team up with Inweasta, an investment firm which already operates in Russia, the document showed. News of the proposal was first reported by Italian daily Il Messaggero. Asas, Mada and Inweasta did not immediately reply to a Reuters request for comment. Inweasta's involvement would help ease any transaction as it specialises among other things in cross-border disputes resolution. Last year it bought Czech group PPF's Russian insurance business PPF Life Insurance LLC, securing approval from the central bank and the Foreign Investment Subcommittee. "Inweasta facilitates obtaining all necessary regulatory approvals and transaction documentation in Russia," the document said. A presidential decree and a green light from the Bank of Russia are necessary for Western companies to dispose of Russian assets. The UAE consortium is proposing acquiring UniCredit's Russian business at a 60% discount to market value, the document showed. UniCredit operates a commercial bank in Russia and has been steadily reducing operations there though it has challenged through the European General Court stricter deadlines to exit demanded by the European Central Bank. Now it has also come under pressure from the Italian government which has requested the bank exits Russia by mid-January as part of conditions to authorise UniCredit's buyout offer for smaller domestic rival Banco BPM. UniCredit CEO Andrea Orcel has repeatedly said he wanted an orderly exit which did not harm its shareholders by undervaluing the assets in any sale. (Reporting by Giuseppe Fonte in Rome, Writing by Valentina Za;Editing by Elaine Hardcastle)
Reuters
28-05-2025
- Business
- Reuters
Gulf firms approach Italy's Treasury to buy UniCredit's Russian assets, document shows
ROME, May 28 (Reuters) - Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit ( opens new tab at a steep discount, a document seen by Reuters showed. Under the plan, Dubai-based investment firms Asas Capital and Mada Capital would set up a special purpose vehicle and team up with Inweasta, an investment firm which already operates in Russia, the document showed. News of the proposal was first reported by Italian daily Il Messaggero. Asas, Mada and Inweasta did not immediately reply to a Reuters request for comment. Inweasta's involvement would help ease any transaction as it specialises among other things in cross-border disputes resolution. Last year it bought Czech group PPF's Russian insurance business PPF Life Insurance LLC, securing approval from the central bank and the Foreign Investment Subcommittee. "Inweasta facilitates obtaining all necessary regulatory approvals and transaction documentation in Russia," the document said. A presidential decree and a green light from the Bank of Russia are necessary for Western companies to dispose of Russian assets. The UAE consortium is proposing acquiring UniCredit's Russian business at a 60% discount to market value, the document showed. UniCredit operates a commercial bank in Russia and has been steadily reducing operations there though it has challenged through the European General Court stricter deadlines to exit demanded by the European Central Bank. Now it has also come under pressure from the Italian government which has requested the bank exits Russia by mid-January as part of conditions to authorise UniCredit's buyout offer for smaller domestic rival Banco BPM ( opens new tab. UniCredit CEO Andrea Orcel has repeatedly said he wanted an orderly exit which did not harm its shareholders by undervaluing the assets in any sale.
