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Report: Consortium of domestic, foreign funds to acquire Hungary's MKB Bank


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Report: Consortium of domestic, foreign funds to acquire Hungary's MKB Bank

MKB BankZrt. CEO Ádám Balog said March 30 that the Hungarian governmentwill sell the bank toa consortium of domestic and foreign equity funds, with the majority of the bankto be acquired by domestic buyers, Reuters reported the same day.

"Hungarian owners will be in majority, with a strongforeign ally," Balog told Reuters. Three parties had presented bids forthe bank, the executive added.

The winning consortium includes Hungary-based private equityfund Metis and Luxembourg-based Blue Robin Investments SCA, both of which planto acquire between 40% and 50% of MKB. Hungarian pension fund Pannonia intendsto acquire about a 10% stake, Balog noted. Financial terms of the deal were notdisclosed.

Balog said the deal is awaiting approval from the FinancialStability Council of the Hungarian central bank.

Balog added that the European Bank for Reconstruction & Development alsocarried out discussions with the bidders, and could still be involved. Aspokesman for the EBRD told the newswire that the bank talked with some of thepotential buyers, but did not make an offer.

MKB intends to float some of its shares on the BudapestStock Exchange in 2019, according to the report.