By Pierre Bertrand
Erste Group Bank said it will buy back a 15% stake in its subsidiary bank Erste Bank Hungary, which owned by the Hungarian state.
The stake is currently held by state-owned Corvinus International Investments as part of a deal that dates back to 2016.
The transaction is set to close in November and values the stake at 87.55 billion Hungarian Forint, equivalent to ($246 million), the bank said, adding that this is a more than double its 2016 sale price.
Write to Pierre Bertrand at [email protected]
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