The National Bank of Hungary, in its capacity as resolution authority, has agreed to sell MKB Bank to a consortium of three buyers in a deal valued at HUF37bn ($134.49m).
MKB will be bought by Hungarian private equity fund Metis, Blue Robin Investments, and Hungarian pension fund Pannonia, who will acquire a stake of 45%, 45%, and 10% respectively in the Hungarian bank.
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The winning consortium offered the highest purchase price for the state-owned lender, the central bank said in a statement.
The deal is scheduled to close on June 2016.
The central bank took control of MKB following the government’s purchase of the bank from Germany’s BayernLB in 2014 for EUR55m.
Commenting on the sale, the central bank said: "The purchase of MKB by the state, its restructuring, including the separation of the bad bank from the good bank and the sale of the latter, were performed with a view to maintain financial stability and protect the customers’ funds.
"The recapitalisation (EUR 270 million) implemented as a condition of the purchase by the state, the efficient and fast portfolio cleaning realised during the resolution process conducted by the MNB, and the sale to the investor offering the highest price during a transparent procedure will place the operation of MKB on new, stable fundamentals."
