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EBRD to take 30 pct stake in Austria's RBI Ukraine subsidiary

Reuters - UK Focus

LONDON, Nov 25 (Reuters) - The European Bank for Reconstruction and Development said on Wednesday it would buy a 122 million euro ($129.48 million) 30 percent stake in Raiffeisen Bank Aval, the Ukrainian subsidiary of Austria's Raiffeisen Bank International (Other OTC: RAIFY - news) .

"By becoming an equity partner, the EBRD is strengthening the capital base of Raiffeisen Bank Aval alongside with RBI, contributing to a much-needed recapitalisation of Ukraine's banking sector as a whole," Nick Tesseyman, EBRD Managing Director Financial Institutions, said in a statement.

The EBRD capital increase is subject to the approval of a general meeting by Bank Aval's existing shareholders on December 3, the development bank added. ($1 = 0.9422 euros) (Reporting by Marc Jones; editing by Karin Strohecker)