Erste Bank Hungary Zrt gains new support

The European Bank for Reconstruction and Development (EBRD) and Hungary have come together to purchase around a 30% stake in Erst Bank Hungary ZRT (EBH). Corvinus Zrt were responsible for handling the deal for Hungary and the negotiations were held with EBRD representatives and members of the Erste Group. The transaction is incomplete at the moment due to Erste Group’s intentions to build on their current capital to allow for more lending to the Hungarian economy, but it is set to go through very soon. 

The three main parties involves signed a Memoranda of Understanding  back in February 2015 which laid out intentions to allow for greater lending to businesses in order to boost economic growth in Hungary. As a result of this, the EBRD and the Hungarian government were both offered the chance to buy 15% stakes in the Group - an offer that they have both seized upon.

Once all was considered and the appropriate external bodies were informed and contacted, the price was agreed at just below 80 billion HUF for the 30% in question which was shared by the EBRD and the Government of Hungary.

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