Hungary to Buy GE’s Budapest Bank as Cabinet Boosts Control
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Hungary will buy GE Capital’s Budapest Bank, the country’s eighth-largest bank in terms of assets, in the latest move by Prime Minister Viktor Orban to boost domestic control over the financial industry.
The government plans to close the deal by June 30, Economy Minister Mihaly Varga told reporters today, without disclosing the price. Corvinus Nemzetkozi Befektetesi Zrt., a unit of state-owned development bank MFB, will be the buyer, with MFB providing a loan for the transaction.