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The financial market watchdog PSzÁF said it approved a request to change the name of Milton Bank, which was recently acquired by Magyar Tőketársaság, a company established by Hungarian real estate magnate Sándor Demján to help the country's SMEs recover from the crisis, to Granit Bank.
The name of Demján's construction company is TriGranit. Magyar Tőketársaság agreed to purchase Milton Bank from Hungarian-owned holding company Wallis in February.
Wallis bought the bank from Germany's WestLB in 2009. PSzÁF also approved the appointment of Éva Hegedűs as Granit Bank's chairwoman and CEO. (MTI - Econews)