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Acquisition of Milton Bank approved

Hungary's Competition Office (GVH) on Friday approved the acquisition of a 100pc stake in Milton Bank by Magyar Tőketársaság (Hungarian Capital Company), a company recently founded by Hungarian real estate magnate Sándor Demján to help the country's SMEs recover from the crisis.

GVH said Milton Bank and units of Magyar Tőketársaság did not share any markets. It also said that, although units of Magyar Tőketársaság were potential clients of Milton Bank, the bank's market share was so small - under 1% - that this did not affect competition.

Financial market regulator PSzÁF approved the acquisition a week earlier.

The Hungarian Capital Company agreed to purchase Milton Bank from Hungarian-owned holding company Wallis in February.

The company plans to involve other shareholders in the bank through capital raises.

Wallis bought the bank from Germany's WestLB in 2009. (MTI-ECONEWS)