MKB Bank acquisition closed

In Hungary

The acquisition of MKB Bank was finalized yesterday by the Hungarian state, the National Development Ministry announced today. German owner BayernLB and the National Development Ministry completed the deal with the signing of a contract.

The purchase agreement was reached in July, when the government announced that it would buy the bank for €55 mln after the seller made a €270 capital raise in the bank. Justifying the purchase, the government said its intent is to strengthen lending activity and contribute to a more competitive banking system in Hungary.

The government has also said that it would like to increase local ownership of banks, and reduce foreign ownership of banks, to something closer to a 50-50 split.

András Sebők will remain MKB's top executive.

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