Reuters reports that the deal was made on condition that the Hungarian government adopts more favourable banking policies, which would presumably include a reduction of the banking tax.
“If there is a change in the framework for the financial sector, we will invite both parties to invest in our local entity,” Erste spokesman Michael Mauritz said, according to Reuters.
The Hungarian government, which has announced its desire to increase local ownership of banks in this country, has been on a buying spree, picking up MKB Bank in July and then Budapest Bank in December. Government officials say they will eventually sell those banks to Hungarian business people, and they have also stated their intentions of merging those two purchases.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
