The Wall Street Journal-20080205-Intesa Sanpaolo SpA- Deal Struck to Acquire Ukraine-s Pravex Bank

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Intesa Sanpaolo SpA: Deal Struck to Acquire Ukraine's Pravex Bank

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Italian bank Intesa Sanpaolo SpA said it agreed to buy Ukraine's JSC Pravex Bank for 504 million euros ($747 million). The amount may be adjusted according to Pravex's net book value. Pravex, Ukraine's sixth-largest retail bank, with 560 branches, provides personal, mortgage and auto loans and credit cards to about 1.2 million clients. Intesa Sanpaolo, Italy's largest retail bank, is aiming to expand operations abroad. Last year, it failed to acquire Ukraine's Ukrsotsbank, which was later bought by UniCredit SpA.