State Agrees to Sell Back 15% Stake in Erste Bank Hungary
State-owned Corvinus International Investment will sell back a 15% stake in Erste Bank Hungary to its Austrian parent, Erste Bank AG, the Economic Development Ministry said on Friday, according to a report by state news wire MTI.
All goals in a strategic agreement signed when the state acquired the minority stake in 2016 have been "fully achieved", the ministry said. The 15% stake, purchased for a price of HUF 38.9 bln, is being sold for HUF 87.5 bln, it added.
The transaction will be closed by year-end, the ministry said.
The government sees Erste Group as an "important partner" in the future, too, with a "long-term commitment to the country", it added.
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