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PPF says won't sell Romanian lender shares to BayernLB's MKB

PPF Investments, a UK-based investment group that's already bought almost 20% of the stock in Romanian lender Romexterra, said it doesn't plan to sell them to the bank's majority shareholder MKB Bank.

On September 21, PPF Investments started a public offer for the remaining shares of Romexterra SA for a higher price after BayernLB's Hungarian unit MKB Bank Nyrt got 55% in the Romanian lender as part of its own offer that ended September 23. „We want to clarify that neither us nor those on behalf of whom we bought Romexterra shares want to sell to MKB,” PPF chief executive Michal Susak said yesterday in an e-mailed statement in Bucharest.

„We're demanding two or three seats on Romexterra's management board.” BayernLB is using Hungary's MKB to expand into Bulgaria, Romania and Serbia. The Hungarian lender bought 60% of Bulgaria's Unionbank AD last year and bid for the Serbian lender Panonska banka AD in April. PPF said it offered 8 lei per Romexterra share, 33% more than MKB, as part of the public offer that will end today. (Bloomberg)