MKB ESOP buys back 15% stake from Blue Robin

Deals

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.

ADVERTISEMENT

Czech economic confidence weakens in July Analysis

Czech economic confidence weakens in July

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 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.