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Hungarian govt to buy Budapest Bank from George Ezra Capital

Hungarian govt to buy Budapest Bank from George Ezra Capital

BUDAPEST: Government of Hungary signed a preliminary agreement to buy the country’s eighth biggest lender Budapest Bank from George Ezra Capital.

Mihaly Varga Economy Minister said the transaction was expected to close by the end of July 2015. Varga declined to comment on the price, and expressed hope the purchase would boost competition in the banking sector.

Further Varga said the government aimed to sell the bank within one or two years, adding any merger with MKB Bank, another lender the government bought earlier this year, would have to be decided later.