Germany’s BayernLB has announced it is set to sell its Hungarian subsidiary bank, MKB, to the Hungarian government for EUR 55 million (HUF 17 bn), according to portfolio.hu. By the sale BayernLB will be fulfilling all of the EU’s main requirements regarding disposals of investments – and well before the deadline at that. In return for the purchase price, BayernLB will waive EUR 270 million (HUF 84 bn) in claims due from MKB, it said in a press release yesterday. The deal is set to close by September 2014. By selling MKB, BayernLB will be able to free up enormous portions of capital it has been using to cover risk. The transaction will therefore pull BayernLB’s hard core capital ratio down only by a negligible 0.3 percentage points, the bank said.
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