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Report: EBRD board approves Erste Bank Hungary stake buy

The EuropeanBank for Reconstruction & Development's board authorized thebank to take a 15% equity stake in Erste Bank Hungary Zrt., Reuters reported May 4, citingAxel Reiserer, an EBRD spokesman.

The approval is subject to the finalization of discussionsbetween Erste Group BankAG and Hungary, the spokesman said, adding that the EBRD is lookingto sign an agreement in the second quarter.

The Hungarian government and the EBRD are expected to acquire theirstakes in the Hungarian bank by June.