MKB Bank, the Hungarian subsidiary of German bank Bayerische Landesbank (BayernLB) has signed the sale contract of its 96.3 percent stake in Romania-based Nextebank S.A.

The bank, which did not reveal the sale price, nor the buyer, said the transaction is pending permission by the National Bank of Romania.

MKB has bought 55.4 percent stake in then-Romexterra Bank in 2006. Later on, the bank rebranded as Nextebank.

Bayern LB must sell its stake in MKB Bank by the end of 2015, as agreed with the German Government and the European Commission via the EUR 5 billion bailout. Earlier in August 2013, MKB Bank sold its Hungarian division, to Bulgaria’s First Investment Bank, for an undisclosed sum.

editor@romania-insider.com