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ATHENS, Dec 29 (Reuters) - Greece's largest lender Piraeus Bank said on Thursday that it had completed the sale of a majority stake in its Cyprus subsidiary to Holding M. Sehnaoui SAL for 3.2 million euros ($3.3 million), reducing its stake to 17.7 percent.
The divestment is part of Piraeus Bank's EU-approved restructuring plan and will boost its core equity tier-1 capital by about 15 basis points, the bank said.
UBS advised Piraeus on the sale.
$1 = 0.9547 euros Reporting by George Georgiopoulos; Editing by Adrian Croft