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. Last Updated: 07/27/2016

Paribas Sells UFG Stake

MOSCOW -- Paribas and United Financial Group parted ways last week as Paribas sold its 25 percent stake in the Russian bank to UFG management, the two companies said Thursday.

Paribas and UFG made the decision jointly after reviewing their future strategies, the companies said in a statement.

The split "will allow Paribas to develop and operate its Russian investment banking activities along a globally integrated organization structure.

"UFG [will] continue its successful development in Russia where it believes there is a place for an independent investment bank providing high quality service as well as local experience and knowledge," the statement said.