PSzÁF approves MKB’s purchase of stake in Romexterra

Deals

The State Financial Supervisory Authority (PSzÁF) said on Tuesday it approved the purchase by MKB Bank Rt of a 50%-75% direct stake in Romanian peer Romexterra Bank.

PSzÁF also approved MKB's acquisition through the purchase of indirect stakes in Romexterra Leasing (44.8%), Romexterra Finance (34.645%) and S.A.I. Globinvest (10%).
MKB announced earlier it signed a contract on its intention to purchase at least 51% of Romexterra Bank on July 6. If the acquisition is successful, MKB aims to become the strategic owner of the bank by autumn 2006 and plans to raise its stake to 100% in the near future. The bank noted that the transaction still requires approval from both the Romanian and Hungarian financial authorities.
Romexterra closed 2005 with total assets of €302 million, net assets of €48.5 million and after-tax profit of €4.7 million.

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.

Support the BBJ

Industry