Hungary has sold a controlling stake in MKB Bank, local press claimed on March 29. However, the new owner of the country's fourth largest lender will not be revealed until the summer.
Hungary accepted a binding bid for the lender last week, Portfolio.hu reports, citing unnamed sources, and MKB Bank has now changed hands. The list of potential bidders for MKB, which was bought by the state and put under the management of the Magyar Nemzeti Bank (MNB) in 2014, dropped from five to just two last week, Vilaggazdasag reported. The final list consisted of two private equity funds, according to the newspaper.
However, speculation has risen that the MNB itself may have bought MKB via six non-profits, using foreign private equity funds as cover. Both MNB Deputy Governor Marton Nagy, and the foundations set up by the central bank, rejected the claims to vg.hu.
The government bought MKB from Germany's BayernLB for €55mn, claiming it would reprivatise the bank soon. The European Commission gave the go-ahead for the Hungarian government to provide aid for the restructuring of the bank in December. According to that deal, MKB must be listed by the end of 2019; the MNB has said it wants to offload a majority stake by this June.
Uzbekistan's central bank on April 25 kept its benchmark interest rate on hold at 14%, pointing to risks that inflation could once more accelerate. Planned hikes of state-regulated prices for ... more
The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more
The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more