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MKB submits bid to buy Panonska Banka

Magyar Külkereskedelmi Bank Rt, a unit of Germany's Bayerische Landesbank, submitted a bid to buy Panonska Banka a.d. from the Serbian government, business daily Napi Gazdaság reported, citing Chairman Tamás Erdei. The Budapest-based bank, also known as MKB, will also probably buy Union Bank in Bulgaria, owned by private investors and the European Bank for Reconstruction and Development, the newspaper said. MKB is short-listed for Union Bank, which has a market share of 1.5% and 32 branches in Bulgaria, the newspaper said. Hungarian lender OTP Bank Rt, eastern Europe's largest lender
by market value, has also offered to buy a 87.4 % stake in Panonska banka.