Hungary's financial-market regulator PSZÁF has approved Hungarian-owned holding company Wallis's acquisition of a 100% stake in WestLB Hungaria Bank, PSZÁF announced on its website.
Hungary's Competition Authority (GVH) has already approved Wallis's acquisition of WestLB Hungaria Bank, noting that the latter commands 1% of Hungary's banking market.
WestLB Hungaria Bank will continue to operate as Milton Bank Zrt following the conclusion of the sale. The bank will direct its services at SMEs and high-income retail clients, while at the same time keeping its current roster of big corporate clients. It will follow a conservative growth strategy.
Wallis Zrt said earlier it would reveal the details of the transaction when it is closed.
WestLB Hungary had total assets of almost €200 million at the end of 2008.
Prime Minister Gordon Bajnai was general director of Wallis Rt between 2000 and 2005. (MTI-ECONEWS)