Competition Council analyzes Romexterra bank takeover by MKB Bank

The Romanian Competition Council announced on Tuesday it would analyze the operation of economic concentration produced by the takeover of the Romexterra Bank by MKB Bank Nyrt. The Council will notify the two banks about its decision within 30 days.

Several days before an offer for the takeover of Romexterra Bank, addressed to all its shareholders, expires on September 23, MKB Bank has secured a 50% plus one share state in the company, the minimum requirement to become the strategic investor in the bank.

The offer is run by a Cyprus-based company, Demera Investments, which is due to transfer shares to MKB.

Romexterra Bank is active on the Romanian banking market, on the leasing services market through Romexterra leasing IFN and in the field of financial investments through Romexterra Finance. In 2005, it reported a gross profit of 6.2 million euro, up 120% compared to 2004.

MKB Bank Nyrt, a member of the BayernLB group, is not present on the Romanian market through other societies. It is the third biggest bank in Hungary.