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Hungary's financial watchdog PSzÁF has sanctioned the acquisition of Milton Bank Zrt by Magyar Tőketársaság (MT) Zrt, a financing company set up by industrialist Sándor Demján in November last year to SMEs seeking much-needed fresh capital to stay afloat.
In a separate decision, PSzÁF also approved a cooperation agreement signed in February between MT and Wallis Zrt, the previous owner of Milton Bank, which bought the financial institution from Germany's WestLB AG last year. (Napi Gazdaság)