Bayerische Landesbank will sell its Hungarian operations, MKB Bank, to the Hungarian government. In return, BayernLB will receive $74 million. MKB will also be absolved of millions of dollars worth of loans it owes to BayernLB.
According to reports, its Hungarian unit cost the company billions of dollars since 1994, when it was first acquired.
The European Commission ordered BayernLB to divest the Hungarian operation by the end of next year following a bailout; the transaction is reportedly set to finalize in September.
Full content: Bloomberg
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