German bank to sell MKB to Hungarian Government
In order to be eligible for support from the German state, BayernLB Bank will sell MKB Bank to the Hungarian government, according to reports.
OTP Bank in Hungary has expressed interest in buying MKB Bank, and this deal may make that sale possible.
In order to win European Commission approval for its application for state aid in 2012, BayernLB agreed to restructure and sell some businesses, according to Reuters. The sale of BayernLB's Hungarian unit, MKB Hungary lets the German bank get rid of its presence in a less-profitable market.
While Prime Minister Viktor Orbán and his cabinet have said they want to see foreign banks bought up by local concerns, such as OTP, the low prices being offered for those banks have yet to encourage a sale.
Hungary CPI Drop Acknowledged at IMF/World Bank Spring Meeti...
Hungary to Address Future of Cohesion Policy During EU Presi...
2/3 of Hungarians Have Basic Expectation of Home Office
Time Out Market to Open in Budapest Next Year
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
