March 3, 2014 / 10:01 AM / 5 years ago

UniCredit shares drop on Ukraine woes

Italy's largest bank UniCredit is pictured in downtown Milan September 12, 2013. REUTERS/Stefano Rellandini (

MILAN (Reuters) - Shares in Italian bank UniCredit (CRDI.MI), one of Ukraine’s top 10 lenders, fell nearly 4 percent in a weak stock market on Monday amid a deepening of political tensions in the country, traders said.

Russia has started a build-up of armored vehicles on the Russian side of a narrow stretch of water between Russia and the Ukrainian region of Crimea, Ukrainian border guards said on Monday.

By 0805 GMT shares in UniCredit, whose exposure to Ukraine at the end of September was 2.3 billion euros through a unit, were down 3.4 percent, underperforming a weak Italian stock market .FTMIB and a 2.1 percent fall in the European banking index .SX7P.

Shares in Intesa Sanpaolo (ISP.MI), which is in the process of selling its Ukrainian banking unit, were down 2 percent.

Reporting by Lisa Jucca, editing by Valentina Za

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