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. Last Updated: 07/27/2016

UniCredito Ups Stake

MILAN -- Italian bank UniCredito said Tuesday that its German unit, HVB, agreed to buy a further stake in International Moscow Bank from Nordea for $395 million, becoming the controlling shareholder.

The deal further boosts UniCredito's position in Central and Eastern Europe, where the Milan-based lender is already the uncontested bank leader following its purchase of HVB last year.

Under the deal, HVB would buy a further 23.42 percent, raising its stake to 70.3 percent, or 79.3 percent of voting capital, UniCredito said.

Nordea said it would actively seek to build its own presence in Russia's banking market.