MKB ESOP buys back 15% stake from Blue Robin
The employee stock ownership plan (ESOP) of MKB Bank has acquired 15% of the lender’s shares from Blue Robin Investments, a disclosure from the bank stated on the website of the Budapest Stock Exchange yesterday, according to Hungarian news agency MTI.
The purchase of the 15% stake by the ESOP was initially announced by MKB Bank earlier in the day, but the seller was not revealed at that time, according to MTI. The ESOP paid HUF 5.55 billion for the stake with a loan from OTP Bank, the same amount that Blue Robin bought it for several weeks ago, business daily Világgazdaság reported, citing sources close to MKB. OTP Bank neither confirmed nor denied its role in financing the acquisition, MTI noted.
The National Bank of Hungary (MNB) announced its sale of MKB Bank late last month for HUF 37 bln to a consortium of two private equity funds, Blue Robin Investments SCA and METIS Private Capital Fund, as well as Hungary’s Pannonia Pension Fund. Each private equity fund took a 45% stake in the bank, while the retirement fund took 10%.
Following yesterday’s acquisition, Blue Robin now holds a 30% stake in MKB Bank, according to the disclosure by the bank, MTI noted.
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