In April, KPMG was commissioned by the National Bank of Hungary (MNB) to find buyers for MKB’s share in the syndicated loan, the paper said. MNB currently exercises ownership rights over MKB. 

The paper reported that of the 78 parties initially interested, Lone Star Real Estate Fund was the only one to make a binding offer, in which it designated MHB-BANK as the buyer. The paper adds that on behalf of the central bank, deputy-governor Márton Nagy approved the transaction on October 21.

MKB originally provided €720 mln for the project, and by the end of last year, repayments had reduced the loan to €177 mln, but auditors of MKB last spring estimated the loanʼs market value to be just €129 mln, Hungarian news agency MTI reported.

The Hungarian state bought MKB from BayernLB in 2014 and the central bank is planning to sell at least 50% of its shares plus one vote, MTI said, adding that the bankʼs majority share packet is expected to be offered for sale in the first half of 2016 at the latest.