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Demján in former West LB Hungaria

The investment company set up last fall by Hungarian construction magnate Sándor Demján, Magyar Tőketársaság Zrt can have a stake in Milton Bank, formerly West LB Hungaria Bank, according to an agreement with Wallis Zrt, owners ofMilton, the companies announced.

Further details will be revealed after regulatory approval, the companies said. Subject to regulatory approval, the partnership will help finance Hungarian SMEs that are struggling with shortage of capital.

Wallis have been active in financial services since 2002 and it bought West LB Hungaria Bank last year and renamed it Milton Bank. (MTI – Econews)