MKB Bank sees profitable Q1

Deals

Wikimedia Commons/Globetrotter19

Hungarian MKB Bank, which the Hungarian state just sold yesterday, saw a profitable first quarter, and the turnaround at the lender was apparently appreciated by Moody’s, which announced that it is reviewing the bank to consider a credit-rating upgrade, state-appointed chairman-CEO Ádám Balog said yesterday.

In an interview with the state-owned all-news channel M1 yesterday, Balog noted that the bank had just finished restructuring to get rid of bad debt.

The state bought the troubled MKB Bank from BayernLB in 2014, Hungarian news agency MTI noted. After the purchase, the state-owned central bank separated the impaired assets in its commercial real estate portfolio, selling some on the market and transferring others to an asset management vehicle owned by the national Bailout Fund.

Yesterday, MKB Bank was purchased by a consortium of three funds. The current management enjoys the support of the new owners, MTI reported.

Balog said that, during talks with the new owners, it was established that the strategy of the bank only needs “fine tuning”. Balog said that one of the main aims of MKB is to turn the bank into a digital one in the future.

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