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BAWAG to sell stake in Hungary's MKB

Austrian bank BAWAG will sell its nearly 10% stake in Hungary's MKB Bank as a condition for a €550 million capital injection by the state approved by the European Commission late July, BAWAG head Byron Haynes told reporters, the Austrian Press Agency reported Tuesday.

BAWAG had loss of €500 million in 2008 and €22 million in 2009.

BAWAG holds a 9.77% stake in MKB Bank. MKB Bank's majority shareholder is Bayerische Landesbank, holding 89.75% of the shares. (MTI-ECONEWS)