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23:53, 18.10.2007 |
Far East Russia
Russian services conglomerate Sistema said on Wednesday it has bought a further 28 percent of Dalkombank in Russia's Far East for $11.7 million, raising its stake in the bank to 48.2 percent.
Sistema, whose key asset is Russia's No. 1 mobile phone firm, Mobile TeleSystems , raised its stake from 20 percent, which it had acquired in August for $8.3 million.
Sistema, which already controls the Moscow Bank for Reconstruction and Development and East-West United Bank, had said it wants to expand its banking business and become a national player in the Russian banking sector.
Dalkombank, founded in 1988, has a wide retail network. It operates in 29 cities in Russia's Far East, including Khabarovsk and Vladivostok.
-Reuters
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Politics 
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