State, EBRD set to acquire Erste Hungary stakes by end-Q2

Budapest (MTI) – The state of Hungary and the European Bank for Reconstruction and Development (EBRD) are making the final calculations for their acquisition of 15 percent stakes in Erste Bank Hungary, the lender’s chairman-CEO told MTI.

The transaction is expected to be closed by the end of June, after Parliament approves a further reduction of the bank levy in the 2017 budget act, which is a condition for the purchase of the stakes, said Radovan Jelasity.

Hungary’s government and the EBRD agreed in February of 2015 to buy stakes up to 15 percent apiece in the Hungarian unit of Austria’s Erste. At the same time, the government committed to reducing the bank levy and said it would consult with banks before taking any steps that could burden the sector further.

Source: http://mtva.hu/hu/hungary-matters