October 10, 2006
Nordea Bank: Shares in International Moscow Bank divested
Nordea's divestment of its 23.42% holding in International Moscow Bank (IMB) has now been finalised according to plan, after all necessary regulatory approvals and other conditions have been met.
Nordea announced in June 2006 that an agreement had been signed between its subsidiary Nordea Bank Finland Plc and UniCredit through its subsidiary Bayerische Hypo- und Vereinsbank AG.
The holding represents a 26.44% voting interest in IMB and the sale results in tax-free capital gain of approx. EUR 200m that will be recognised in the third quarter.
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.
For further information
Johan Ekwall, Head of Investor Relations, +46 8 614 78 52
Atte Palomäki, Group Identity and Communications, +358 40 547 6390
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