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Swedish institutional investor divests holding in Ukraine-based Pivdennyi Bank

Sweden-based East Capital Financials Fund sold its entire 9.98% stake in PJSC Pivdennyi Bank to companies owned by the lender's beneficiary owners, Iurii Rodin and Mark Bekker.

The decision to sell the stake follows the winding down of the fund, which was set up in 2006 to invest into financial sector companies in eastern Europe and the CIS countries, the Ukrainian bank noted Dec. 14. The financial details of the transaction were not disclosed.