Nordea completes divestment of stake in International Moscow Bank

Nordic Business Report, Oct 10, 2006

NORDIC BUSINESS REPORT-10 October 2006-Nordea completes divestment of stake in International Moscow Bank(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com

The pan-Nordic financial services group Nordea said on Tuesday (10 October) that it has completed the sale of its 23.42% stake in Russian bank International Moscow Bank.

The shares were sold by Nordea Bank Finland Plc to Bayerische Hypo- und Vereinsbank AG, part of UniCredit. The transaction resulted in a pre-tax capital gain of approximately EUR200m.

"Nordea is committed to expanding its presence in the growing Russian market by way of establishing a fully controlled operation. As a result, Nordea intends to pursue a strategy for growth in the Russian market, either by way of obtaining its own banking license or by acquiring a small to medium-sized Russian bank," Nordea said in a statement.

One euro (EUR) is worth approximately 0.67 British pounds (GBP).

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