July 24, 2014 / 10:47 AM / in 3 years

Hungary says MKB's purchase is first step in sector's consolidation

BUDAPEST, July 24 (Reuters) - Hungary’s purchase of MKB Bank from German state-backed lender BayernLB fits into the government’s strategy to increase Hungarian ownership in the domestic bank sector, Economy Minister Mihaly Varga said on Thursday.

In an interview posted on the government’s website Varga said MKB’s purchase was the first important step in the sector’s consolidation. He said the aim was to make MKB a strong and profitable bank.

“Our hope is that MKB regains its strong, competitive position within one or two years and thus it can be sold on the market,” Varga said.

Reporting by Krisztina Than and Sandor Peto

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