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MKB Bank sets up insurance companies

Hungary's MKB Bank and Germany's Bayern LB and Versicherungskammer Bayern (VKB) are setting up a life insurance company and a general insurance company in Hungary, MKB Bank announced yesterday.

VKB will own 50% of both companies, while MKB and Bayern LB will each hold 25% stakes. The two companies will start operating in the second half of 2007. The two companies' products will be available at all MKB branches. MKB Bank, Hungary's third-biggest bank, is 89.61% owned by Bayern LB. MKB is a leader in project financing in the corporate segment. (Econews)