Hungary to announce Erste Bank stake purchase at 0900 GMT

May 5, 2016 7:51 AM

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BUDAPEST May 5 Hungarian Economy Minister Mihaly Varga will hold a news conference about the purchase of a stake in the local unit of Erste Group Bank at 0900 GMT on Thursday, the ministry said in a statement.

Prime Minister Viktor Orban's government and the European Bank for Reconstruction and Development (EBRD) agreed in February last year to take a 15 percent stake each in Erste's local unit in return for a cut in Hungary's hefty bank tax.

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