Intesa Sanpaolo, the largest Italian banking group, is making strides in moving its Russian assets toward local government oversight. A Reuters-based source close to the process indicates the bank is nearing the necessary clearance from Russian authorities. The Italian side has not altered its position on selling enterprises in the Russian Federation, according to Reuters coverage.
Reuters notes that Intesa has previously said it is working on selecting a counterparty for transferring its Russian business, but the reporting shows no clear progress on securing an exit. There has been no information suggesting the company was close to receiving approval to exit Russian assets in earlier disclosures, Reuters adds.
Should the deal win final approval, observers caution it could influence similar decisions by other foreign banks still operating in Russia. One unnamed source quoted by Reuters remained cautious, stating that ultimate approval had not yet been granted and its likelihood remains uncertain.
As reported on August 2, Intesa Sanpaolo decided to close its representative office in Moscow within a few months. The agency clarifies that this move will not affect the operations of the Russian subsidiary Bank Intesa.
Intesa Sanpaolo announced a strategic reevaluation of its presence in Russia in March 2022. The group maintains a crisis unit, Intesa Sanpaolo, to monitor developments. Since late February, the bank has not provided new financing to Russian or Belarusian companies, nor has it invested in financial instruments tied to those economies under a special operation framework.
Historically, Intesa Bank had introduced commissions on deposits of cash dollars and euros into accounts, a policy that reflected its cautious stance amid evolving regional exposure. The current discussions underscore ongoing recalibration of a multinational lender’s footprint in a volatile market, with attention to regulatory signals and macroeconomic shifts that affect strategic choices in Russia and neighboring markets.