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MKB board approves HUF 62bn capital raise

The board of MKB Bank has decided on a HUF 62bn capital raise through a private placement to be subscribed by majority owner BayernLB, the bank said late Friday.

The bank said HUF 23.2bn of the increase would be used to raise registered capital to HUF 43.94bn and the remaining HUF 38.8bn would go into capital reserves.

BayernLB will subscribe shares to an amount in line with its ownership stake on January 31. It will subscribe any other shares issued in the increase that remain unsubscribed by minority stakeholders on February 17, the last day of the subscription.