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HVB sells off units to boost acquisition firepower

German banking group HVB has booked a gain of nearly €6.5bn ($8.2bn) from selling off business units to majority owner UniCredit and could use the money for future acquisitions.

The German bank, which was acquired by UniCredit in an €18bn deal last year, said it would sell a 77.5% stake in Bank Austria Creditanstalt for €12.5bn.

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