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APS Investment to acquire MARK Zrt.

Slovakian-based credit management company APS Investment will acquire the Hungarian Restructuring and Debt Management Company (MARK Zrt.), the National Bank of Hungary (MNB) said today, according to Hungarian news agency MTI.

MARK was established by the MNB in November 2014 to buy bad commercial real estate loans and properties from banks.

The MNB said that at the time of MARKʼs establishment, the rate of non-performing corporate loans in the banking sector was above 20% and banks were not ready to clean up their portfolios. 

Since then NPL ratios have fallen, banks have shed bad portfolio elements, and in the favorable market environment MARK can support banks in clearing further troubled assets even as a private company.

The MNB said that it selected APS Investment in a closed tender to start talks on acquiring MARK, with a contract of sale set to be drawn up shortly.  The central bank will publish additional information about the sale probably after June 30, following the expected conclusion of the transaction.