MKB acquisition falls under EC scrutiny

EU

The European Commission is set to review the transfer of ownership rights of MKB Bank from the state of Hungary to the National Bank of Hungary (MNB) in order to ensure that it complies with European Union law, Reuters reported on Friday.

"The Commission will ask the Hungarian authorities for the details of this operation in order to ensure that EU law, including EU rules on state aid, is being complied with," EC's representative told Reuters. The Hungarian government and central bank announced on Thursday that the MNB would take over the ownership and management of MKB Bank, probably for up to one year, "in accordance with European Union Directives and harmonized Hungarian regulations".

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