BayernLB to Keep Hungarian MKB Unit

Politics ♦ Published: December 14, 2013; 11:21 ♦ (Vindobona)

BayernLB’s plans to seperate from loss-making Hungarian affiliate MKB were not put on hold. Instead, the German bank wants to continue to push forward with austerity measures and cut jobs.

BayernLB to Keep Hungarian MKB Unit / Picture: © BayernLB

Last year BayernLB was intructed by the EU Commission to restructure and sell some business units before state aids would be granted. In 2008 the regional lender ran into financial problems as some investments turned out bad.

According to MKB’s managers, a gradual downsizing of assets was more advantageous than an immediate seperation from the Hungarian affilate.