KIEV, April 7 ??“ UNIQA, an Austrian insurance group, will within the next three years purchase majority stake in Credo-Classic, a leading Ukrainian insurance company, the Austrian said in a statement.

UNIQA will first get over 35% stake in Credo-Classic, but will boost the stake to 51% by 2008 and to 76% by 2009, the company said. Both companies also agreed to set up a life insurance company in which UNIQA and Credo-Classic will own 50% each.