MNB clears state acquisition of Budapest Bank
The National Bank of Hungaryʼs (MNB) Financial Stability Council has cleared the acquisition of 100% of the shares of Budapest Bank by Corvinus, a unit of the state-owned Hungarian Development Bank (MFB), the central bank told MTI on Friday.
The MNB has thereby also given approval for the acquisition of the financial institutions and a fund manager owned by Budapest Bank, namely CDM Hitel- és Fejlesztési Bank, Budapest Autofinanszírozási and Budapest Lízing, and Budapest Alapkezelő. The central bankʼs licensing process followed the government decision taken in December 2014 to purchase Budapest Bank from GE Capital.
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