By Cristina Roca

UniCredit SpA is conducting an urgent assessment of the potential consequences of exiting its Russia business, Chief Executive Andrea Orcel said.

"I have been personally shocked by the atrocities of the war being waged by Russia and my thoughts are with all of those suffering," Mr. Orcel said Tuesday at a conference.

The Italian bank last week outlined exposure to Russia totaling around $8 billion, and signaled that its plan to return at least $17.5 billion to shareholders by 2024 could be affected by the consequences of the war in Ukraine.

Asked whether he was committed to Russia, UniCredit's chief said careful consideration is required, and that the bank would soon offer more detail.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

March 15, 2022 05:51 ET (09:51 GMT)

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