UniCredit Sells 66% Of BPH To GE Money For EUR625.5 Million

ROME -(Dow Jones)- UniCredit SpA (UC.MI) Friday said it has agreed to sell a66% stake in its unit Bank BPH SA (BPH.WA) to GE Money Bank, a part of GeneralElectric Co. (GE), for EUR625.5 million in cash.

Under the terms of the agreement, UniCredit will sell a shareholding of closeto 66%, of a total 71.03% held by UniCredit, the company said in a statement.

BPH, Poland's third-largest bank by assets, is in the process of a merger withfellow UniCredit unit Pekao SA (PEO.WA). Under terms of the deal negotiated withthe Polish government, UniCredit will spin off the BPH brand name and 200 of thebank's 480 branches, creating the "New BPH".

UniCredit said it expected to finalize the deal with GE Money by the end ofthe year, after getting approval from Polish regulators.

-By Luca Di Leo, Dow Jones Newswires; +39 06 6782543; luca.dileo@dowjones

(END) Dow Jones Newswires 08-03-07 0852ET Copyright (c) 2007 Dow Jones & Company, Inc.