Bank of Italy selects 4 systemic risk countries for lenders, including Russia

The Bank of Italy said it had selected the United States, Great Britain, Switzerland and Russia as countries outside the European Union that its banks have significant exposure to, under rules designed to govern systemic risks.

The Bank of Italy used end-2024 data to measure banks’ exposure to those countries in relation to their overall exposure.

Top Italian lenders Intesa Sanpaolo and UniCredit are both present in Russia, the former serving only corporate clients while the latter owns a retail bank.

UniCredit said in an update of the investor document relating to its takeover bid for Banco BPM that the value of Russian government bonds held by its local unit had increased in the first quarter to 754 million euros ($888 million) from 574 million in December.

A spokesperson for the bank said the change reflected the effect of the Russian rouble revaluation.