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EBRD to buy stake in Hungarian bank

D&T
May 4, 2016

The European Bank for Reconstruction and Development's (EBRD) Board of Directors has approved taking a 15% stake in the Hungarian unit of Erste Group Bank, an EBRD spokesman is quoted by portfolio.hu as saying this Wednesday.

EBRD board has just approved that the bank will be in a position to take a 15% equity stake subject to finalisation of talks between state and Erste Bank," the Reuters news cited spokesman Axel Reiserer.

He said the EBRD, which first agreed on the transaction in a landmark accord with Prime Minister Viktor Orbán's government, hoped to sign the agreement in the second quarter. Reiserer declined comment on the price.

Erste CEO Andreas Treichl said in conference call that the deal of selling another 15% stake in the Hungarian unit to the state will be completed by mid-June.

D&T

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