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Bayerische Landesbank invests €1.72 Mln in Hungarian Unit MKB

Bayerische Landesbank, Germany's second-biggest state-owned bank, invested Ft 435.2 mln (€1.72 million) in its Hungarian unit Magyar Külkereskedelmi Bank Nyrt, according to a stock exchange statement today.

The company in July invested Ft 682 million in the Hungarian lender known as MKB. BayernLB, based in Munich, together with Versicherungskammer Bayern set up two insurance businesses in Hungary to tap demand for financial services in the country. BayernLB and MKB will each own a 25% stake in the two insurers and Versicherungskammer Bayern will own the remaining 50% of the two companies, the companies said December 21. (Bloomberg)