BUDAPEST: The European Bank for Reconstruction and Development's (EBRD) board of directors has approved taking a 15 percent stake in the Hungarian unit of Erste Group Bank, an EBRD spokesman said.
"EBRD board has just approved that the bank will be in a position to take a 15 percent equity stake subject to finalisation of talks between state and Erste Bank," spokesman Axel Reiserer said.
He said the EBRD, which first agreed on the transaction in a landmark accord with Prime Minister Viktor Orban's government, hoped to sign the agreement in the second quarter.
Reiserer declined comment on the price.
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