PMO Takes Control Of Hungary's MKB Bank
- 17 Oct 2014 9:00 AM
Development Minister Miklós Seszták has assigned ownership of MKB bank to the Prime Minister’s Office, effective October 16, until December 31, 2018, according to the official gazette Magyar Közlöny.
The decree was published at 6:30 p.m. Thursday and went into effect just 30 minutes later at 7 p.m., HVG reported.
The state paid €55 million for 99.99% of MKB’s shares, while the former German owner BayernLB agreed to implement a capital increase of €270 million before the transfer of ownership.
Source: Hungary Around the Clock
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