Bayern LB’s MKB Unit Seen Turning Profit in 2013-14, MTI Reports

Bayerische Landesbank AG’s Hungarian unit, MKB Bank Zrt., expects to become profitable in 2013 or 2014, state news service MTI reported, citing Pal Simak, the lender’s chief executive officer.

MKB will post a loss in 2012 for the third consecutive year, chiefly because of a special levy on banks and government programs that’s intended to help foreign-currency mortgage holders, the news service said.

The German lender won’t sell MKB within the next three to five years, MTI cited Simak as saying.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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