Hungary's MKB determined to sell Romexterra
Hungary's MKB bank, controlled by Bayern LB German group, has officially embraced an exit strategy related to the Romanian market, planning to sell MKB Romexterra Romanian subsidiary by 2013.
MKB Romtexterra ended last year with losses of 17.8bn forints (around 64m euros), in line with Hungarian accounting standards. Net interest income dropped by 43% from 2009, to 9.3bn forints, while fee gains halved, to 1.5bn forints.
As a matter of fact, the bank also registered losses in 2009 (around 9.5m euros) and 2008 (almost 20m euros), with the positive operating result being hurt by losses related to loans unrecovered from clients.
Set up with a heterogeneous shareholder structure in Târgu-Mureş in 1994, Romexterra was taken over by Hungary's MKB in 2006, at a time when the economy and the banking market particularly were booming.