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CIG Pannónia to buy MKB Life Insurance, MKB General Insurance

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CIG Pannónia to buy MKB Life Insurance, MKB General Insurance

The board of directors of CIG Pannónia EletBiztosito Nyrt. approved the purchaseof MKB Life Insurance and MKB General Insurance from .

CIG Pannónia EletBiztosito Nyrt., or CIG Pannónia LifeInsurance, will acquire 98.97% of MKB Life Insurance, while unit CIG PannóniaFirst Hungarian General Insurance will acquire 98.98% of MKB General Insurance.The deal, for which the contract has been signed, is subject to approval fromthe Hungarian Competition Authority and the Hungarian central bank.

MKB BankZrt. was formerly a unit of Germany's . It wasacquired by thecentral bank in September 2014 and soldto new investors in June 2016.