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MKB Bank plans to enter bourse

History

Hungary’s state-owned MKB Bank is planning to list its shares in the Budapest Stock Exchange (BSE), given that the bank’s value can best be demonstrated by its participation in on an open, regulated securities market, chairman-CEO Ádám Balog told Hungarian daily Magyar Idők today.

Balog, the former deputy governor of the National Bank of Hungary (MNB), said that several potential investors have already been notified and negotiations are underway. He added that the central bank, which exercises the ownership rights, is looking to sell at least 50% of its shares plus one vote. The CEO said that a stake exceeding this minimum target may also be sold.

Balog said that the new owners will be satisfied with the result of the restructuring and the bankʼs new aim, Hungarian news agency MTI reported. Balog said he also believes - similar to the MNB - that five large banks will remain in Hungary in five yearsʼ time because this number best suits the size of the Hungarian market, MTI added.

The Hungarian state bought MKB from BayernLB last year, and reports suggest that it plans to sell the bank by early 2016.

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