"Italian bank UniCredit S.p.A. (BIT:UCG) has decided not to pursue a possible takeover bid for Russian bank Public Joint-Stock Company Bank Otkritie Financial Corporation due to rising tensions over Ukraine, the bank's Chief Executive Officer said on January 28, 2022. UniCredit had started due diligence on an offer, but “given the geopolitical environment, we decided to withdraw,” Andrea Orcel said in a media call. “We are generally happy with it, and committed to it,” Orcel said, saying it represents less than 5% of the bank's equity activities.