Hungary and the European Bank for Reconstruction and Development (EBRD) obtained a stake of 15 percent each in Erste Bank Hungary.
The buying process was concluded on 11 August, as the purchasing price has been transferred.
Minister of State for Financial Affairs Agnes Hornung said, the transaction was very important from the aspect of economic growth that Erste Bank has expressed long-term commitment to Hungary. Rapid lending growth has been assisting Hungarian enterprises to more easily obtain resources required for their operation and investments and it thus underpins further economic expansion. Erste Bank’s growing business activity, confirmed by favourable earnings data from the first half of the year, also makes the state’s investment more profitable.
Erste Bank Hungary continues to be managed by Erste Group but Hungary can delegate one member to the Board of Directors and another one to the Supervisory Board.
