PSzÁF approves MKB’s purchase of stake in Romexterra
Tuesday, August 8, 2006, 15:13
The State Financial Supervisory Authority (PSzÁF) said on Tuesday it approved the purchase by MKB Bank Rt of a 50%-75% direct stake in Romanian peer Romexterra Bank.
PSzÁF also approved MKB's acquisition through the purchase of indirect stakes in Romexterra Leasing (44.8%), Romexterra Finance (34.645%) and S.A.I. Globinvest (10%).
MKB announced earlier it signed a contract on its intention to purchase at least 51% of Romexterra Bank on July 6. If the acquisition is successful, MKB aims to become the strategic owner of the bank by autumn 2006 and plans to raise its stake to 100% in the near future. The bank noted that the transaction still requires approval from both the Romanian and Hungarian financial authorities.
Romexterra closed 2005 with total assets of €302 million, net assets of €48.5 million and after-tax profit of €4.7 million.