Copyright: Erste Bank / Daniel Hinterramskogler

State to sell back stake in Erste Bank Hungary

The state is selling back a 15 percent stake in Erste Bank Hungary to its Austrian parent company, Erste Bank AG, the economic development ministry said on Friday.

All goals in a strategic agreement signed when the state acquired the minority stake in 2016 “have been fully achieved”, the ministry said. The 15 percent stake, purchased by state-owned Corvinus International Investment for 38.9 billion forints is being sold for 87.5 billion and will be closed by year-end.

The statement said the government regarded Erste Group as “an important partner” going forward, with a “long-term commitment to the country”.

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