EBRD board clears acquisition of Erste Bank Hungary stake

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The board of directors of the European Bank for Reconstruction and Development (EBRD) approved on Wednesday the purchase of a 15% stake in Erste Bank Hungary, Hungarian news agency MTI reported late yesterday.

An EBRD official told MTI in London that the EBRD wants to sign the transaction in the second quarter of this year.

EBRD chairman Sir Suma Chakrabarti signed a memorandum on the acquisition with Hungarian Prime Minister Viktor Orbán and Erste Group CEO Andreas Treichl in February 2015. In the document, the government of Hungary also committed to reducing the bank levy and acquiring its own 15% stake in Erste Bank Hungary.

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