February 28, 2015 1:33 PM ET

Banks

Company Overview of MKB Bank Zrt.

Company Overview

MKB Bank Zrt. provides various banking and non-banking products and services in Hungary. The company’s Corporate Banking segment provides trade finance, credit products, accounts and deposit products, forfeiting and factoring, letters of credit, guarantees, international payments, portfolio management, project and structured finance, investment and financial advisory services to large Hungarian and regional public and private-sector entities. Its Institutional Banking segment serves financial institutions and financial service companies with nostro and vostro account services, payments, and correspondent banking activities, as well as participates in bank-to-bank finance, club, and syndicate...

Váci utca 38

Budapest,  1056

Hungary

Founded in 1950

2,745 Employees

Phone:

36 1 327 8600

Fax:

36 1 327 8700

Key Executives for MKB Bank Zrt.

Chairman of Life Insurance & General Insurance Arms and Chief Executive Officer of Life Insurance & General Insurance Arms
Deputy Chief Executive and Director
Deputy Chief Executive and Director
Deputy Chief Executive and Director
Deputy Chief Executive Officer
Compensation as of Fiscal Year 2014.

MKB Bank Zrt. Key Developments

MKB Bank Announces Changes in Management Team

MKB Bank chairman-CEO Andras Sebok and deputy CEO Laszlo Balassy will resign of their post under a decision taken jointly by the National Bank of Hungary which has exercises ownership rights in MKB since December 2014. At the same Mark Hetenyi will take over as deputy CEO in charge of the financial field and operative management, and his task will be help the changes necessary to the restructuring of the bank, MKB said without giving a time frame. Mr. Hetenyi will resign of its position as the deputy chairman and CEO of the Hungarian unit of Flextronics International. Mr. Sebok was appointed chairman-CEO by the then-owner BayernLB early 2014, and he prepared MKB Bank for the sale to the State of Hungary which closed last September. The statement noted that there have been personnal changes in the management of the bank as part of the restructuring that had started in the past few weeks to make MKB again competitive and profitable. While there was an agreement in strategic plans, the ideas of the outgoing senior managers did not fit in with the management model set by the owner.

MKB Reports Earnings Results for the First Half Ended June 30, 2014

MKB reported earnings results for the first half ended June 30, 2014. The company had pre-tax losses of EUR 60 million in the first half of 2014.

Government To Reportedly Sell Shares In MKB Bank

The government of Hungary plans to sell MKB Bank Zrt. after cleaning up its loan portfolio, reported Hungary Around the Clock citing economy minister as saying in an interview for local Inforadio. One of the possibilities is the bank's shares to be listed on the stock exchange. The government may also consider a direct sale of the majority of the bank.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 8, 2015
General insurance and life insurance units of MKB Bank Zrt.
Merger/Acquisition
July 24, 2014
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