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EBRD shows interest in Hungarian banking consolidation

The EuropeanBank for Reconstruction & Development on April 11 unveiled itsnew strategy for Hungary, under which the bank would consider participating inthe consolidation of the country's banking sector provided that the governmentin Budapest fully implements the terms of a memorandum of understanding thatwas agreed in 2015.

The EBRD, which said it is open to being part of M&A inHungarian banks, added that it will help the sector address nonperforming loanlevels. It also pledged to help the country's banks "stabilize andstrengthen their local-currency liquidity by providing direct long-term fundingthrough bond issuance, mortgage-backed lending and other securitized products."