Budapest, June 20 (MTI) – The Hungarian government and representatives of the European Bank for Reconstruction and Development (EBRD) on Monday signed an agreement on purchasing a 15 percent stake each in Erste Bank.

The stakes in Erste, a local unit of the Austrian parent bank, will be acquired in line with an agreement signed in February 2015.

The state paid 38.9 billion forint (EUR 123.5m) for its stake, acquired through Corvinus Zrt, Economy Minister Mihály Varga told a press conference after the signing. The price was determined by independent experts and a market valuation, he added.

Under the 2015 agreement, Hungary’s government also committed to reducing the bank levy. Following a cut this year, another one will be made in 2017. Varga said Hungarian banks are saving some 80 billion forints thanks to the bank tax reductions.

Photo: MTI

Source: mtva.hu

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