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. RBIV.VI
"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)