The government of Hungary is set to pay up to $700m to acquire Budapest Bank from its owner GE Capital.

The government said in its official legal gazette Magyar Kozlony that it has offered an unconditional payment guarantee of $700m for the deal.

In last December, the government inked a preliminary contract with GE on the purchase of Budapest Bank.

The deal is part of Hungary’s strategy to increase state control over the sector.

The purchase contract has been signed by state-owned Corvinus International Investment. The deal has been financed through a loan from state-owned Hungarian Development Bank.

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