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Finnish Nordea Sells Off Stake In Russian Bank
21.06.2006 00:00
Finnish Nordea Sells Off Stake In Russian Bank

Finnish Nordea bank is selling off a 23.42% stake in the International Moscow Bank, placed in the Top 10 Russian banks, to Italian UniCredit. Analysts are positive about the deal.
      UniCredit increases its share in the Russian banking sector to 10%, while Nordea gets more independency. 23.42% worth $395m will add up to 53% of the International Moscow Bank which UniCredit controls now through the German Hypovereinsbank, reports Dow Jones.
      The International Moscow Bank ranks ninth in Russia, according to Interfax-100 rating which studied 1Q 2006 tallies. Nordea moved to buy out the controlling stock but apparently failed to negotiate the deal with other shareholders Hypovereinsbank (53%), the French BCEN-Eurobank (16%) and European Bank for Reconstruction and Development (5%).


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