Hungary Exempts $2.3 Billion Bank Merger From Competition Probe

Hungary’s largest bank merger in at least 20 years was declared of “strategic importance” by Premier Viktor Orban, paving the way for the creation of Hungary’s second-largest financial group without competition authority scrutiny.

The merger received exemption from probes citing the need to “increase the competitiveness of the Hungarian financial sector,” according to a decree signed by Orban and published Wednesday.

The deal will mould Budapest Bank Zrt., MTB Magyar Takarekszovetkezeti Bank Zrt. and MKB Bank Nyrt. into a top competitor of Hungary’s largest lender OTP Bank Nyrt. under the Magyar Bankholding Zrt. umbrella.

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