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Hungary's MKB acquires 60% stake in Bulgaria's Unionbank

Date: 20.12.2005

Hungary's MKB Bank Rt., a subsidiary of Germany's Bayerische Landesbank, has inked a deal for the acquisition of a 60 % stake in Unionbank.

MKB Bank assured that it will work together with the founding private shareholders to make the bank stronger.

A unit of US General Electric and the Hungarian bank MKB vied for purchasing Unionbank in what was rumoured to be a neck-to-neck race.

Headquartered in Budapest, Hungary, MKB is the country's third-largest banking group. In April 2005, Moody's Investors Service upgraded to A1 from A2 the long-term deposit rating of MKB.

Unionbank was established in November 1992 and was the first bank to participate in the Finance Facility for Small and Medium-sized Enterprises of the European Union and the European Bank for Reconstruction and Development (EBRD). In 2002 EBRD became a shareholder with 15% equity stake of the bank's capital.

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