Corvinus, MFB sign contract on Budapest Bank purchase

Initiatives

Corvinus Nemzetközi Befektetési Zrt., a unit of state-owned Hungarian Development Bank (MFB) signed a contract on Friday regarding the purchase of 100% of Budapest Bank from the current owner General Electric Capital Group, Corvinus and MFB jointly announced on Friday.

The statement said that the transaction could include all the assets and all the units of Budapest Bank, and it will be financed from a loan granted by MFB and guaranteed by the state, while the price is scheduled to be finalized on the close of the transaction as the buyer set conditions to the settlement, they said.

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