The Hungarian state has concluded a deal with General Electric over the purchase of Budapest Bank, according to the government’s spokesman Zoltan Kovacs. He said the deal was part of a wider strategy by Viktor Orban’s government to increase local ownership in the country’s banking sector. This, the government claims, will promote economic growth and should protect jobs. “We have reached an important day,” said Kovacs. “This decision also means the regaining of our economic sovereignty. That is why the cabinet has decided to acquire Budapest Bank.” Hungary previously purchased MKB bank, but Kovacs said it was too early to discuss whether the two banks would be merged.
