Reuters reveals UniCredit widens search for buyers to sell out of Russia

Reuters was the first to report that Italian bank UniCredit has widened its search for a buyer for its Russian business beyond local investors, as it steps up efforts to leave the country. UniCredit held talks with local bidders but escalating Western sanctions have hampered those efforts, prompting an extension of the search to include countries such as China and India, where one of the buyers could be open to a bargain. Shares in UniCredit rose more than 2% in early trade following the Reuters story, outperforming the sector.