Hungarian bank MKB plans to sell Romanian subsidiary in 2013

Hungarian bank MKB, controlled by Bayerische Landesbank plans to sell its Romanian subsidiary MKB Romexterra in 2013, according to a financial report quoted by Portfolio.hu. MKB owns 90.7 percent of Romanian Romxterra, which it took over in 2006. The bank expects an increase in revenues after the sale of the Romanian subsidiary. MKB also expects an unfavorable economic environment in Romania, which will continue to affect the banking and leasing activities. MKB has recently increased the Romanian subsidiary's share capital by around EUR 23 million. The bank has also decided to convert into shares a EUR 5 million debt to MKB Bank Zrt, a loan which was granted in December 2010. editor@romania-insider.com