MKB sells Romanian branch

Hungarian banking group MKB Bank, controlled by the German group Bayerische Landesbank, has sold the entire participation in its Romanian branch Nextebank SA, according to portofolio.hu, quoted by Agerpres newswire.

The value of the transaction was not made public. Nextebank was sold to Emering Europe Accession Fund, a private capital fund managed by Axxess Capital.

In a press release sent to the Budapest Stock Exchange, MKB says it sold its entire direct stake of 96.3 percent from the shares of Nextebank at December 31, 2013. The transaction is pending the approval of the National Bank of Romania.

Previously, in August 2013, MKB Bank sold all the shares it had in its Bulgarian branch MKB Unionbank to Bulgaria’s First Investment Bank.

MKB entered the Romanian market in 2006 via a takeover of the major share package in Romexterra Bank.
Otilia Haraga

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