EBRD Parts With Stake in Erste Bank Hungary

Banking

The European Bank for Reconstruction and Development (EBRD) has sold its 15% stake in Erste Bank Hungary back to Austria's Erste Group, the Hungarian lender said in an announcement posted on the website of the Budapest Stock Exchange on Monday, according to a report by state news wire MTI.

With the transaction, Erste Group has become the sole owner of Erste Bank Hungary.

The state of Hungary recently sold its 15% stake in Erste Bank Hungary, valued at HUF 87.5 bln, to Erste Group.

The state and the EBRD acquired the 15% stakes in Erste Bank Hungary in 2016 in the framework of a strategic agreement.

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