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MKB shareholders mandate board to continue restructuring

Shareholders of Hungary's MKB Bank mandated the board of directors at a general meeting on Tuesday to take necessary steps to continue a restructuring programme launched in the autumn of 2011, the bank said on Wednesday. BayernLB, MKB Bank's majority owner, said last autumn it was "working intensively" on restructuring the bank and had "begun to reap the fruits of its labours in the form of lower costs and independent funding". MKB Bank said at the end of March that it had pre-tax loss of HUF 81.32 billion last year, down 22% from 2011, reflecting lower costs and less asset writes-down. BayernLB must sell its almost 100% stake in MKB Bank by 2015 as a condition for a bailout it received during the global financial crisis.