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FRANKFURT, Feb 23 (Reuters) - European shares opened higher on Monday led by financials such as Royal Bank of Scotland (RBS.L) and UniCredit (CRDI.MI) amid receding fears that the U.S. government would have to nationalise big banks.
At 0810 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 1.5 percent at 746.38 points, having fallen to a six-year low on Friday.
Royal Bank of Scotland was up 13.5 percent after news that it would create a non-core division for unwanted assets.
UniCredit rose 12.2 percent after its chief executive said he trusted that the bank had reached its 2008 net profit target of 4 billion euros ($5.03 billion).
The DJ Stoxx bank index .SX7P was up 3.1 percent and the insurance sector index .SXIP gained 2.6 percent.