The transaction proceeded according to expectations, thus Hungary’s third
largest bank MKB, 89.62% held by Bayerische Landesbank (Germany), will
become the majority shareholder of Romexterra Bank by early October. The
remaining shareholders of Romexterra Bank still have more than one week
until 23rd September, the end of the period, to accept the offer and sell
their shares on the same terms, as previously was announced.
The rapidly expanding Romexterra Bank currently has a 0.8% market share and
by means of acquiring the shares, the main shareholder MKB Bank intends to
significantly increase the bank’s market share by 2010. As such, current and
future clients will benefit from developing service and product offering, as
well as competitive interest rates.
MKB Bank targets a territorial development according to Romexterra Bank’s
long term strategy. MKB Bank intends to extend the Romexterra Bank network
up to 150 units countrywide, and as a direct consequence, the Bank is
targeting to serve 70,000 corporate clients, including SMEs, and 700,000
individuals in the long run.
Thus MKB Bank’s medium and long term strategy aims to achieve at least a
5.5-6.0% market share.
MKB Bank will finance the acquisition by increasing its share capital and by
raising subordinated debt capital, both processes underway.
