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State to sell MKB Bank by end of June 2016

State to sell MKB Bank by end of June 2016

Budapest, December 18 (MTI) – The state-owned MKB Bank is planned to be sold after it is freed of remaining bad loans by the end of June 2016, central bank deputy governor Marton Nagy said on Friday.

The sale of 100 percent of the bank’s shares will be carried out in a public, transparent and non-discriminative procedure in line with European Union expectations and international standards with the involvement of international advisors, he told a press conference.

The period of receiving indicative bids has ended and the binding round of bidding will start in January 2016.

The bank has been cleared of 343 billion forints (EUR 1.1bn) of bad loans so far, he said.

Photo: ittlakunk.hu

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

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