IRB audit completion moves sale ahead

An international standards audit at state bank Investičná a rozvojová banka (IRB) has been completed and the results sent to the Hungarian finance house OTP, clearing the last administrative barrier to the sale of a more than 90% stake in IRB to OTP. Privatisation Minister Mária Machová said September 4 that following the audit, it was possible that the bank could be sold within a month.

OTP has been the only group to show any serious interest in IRB, and has already had one submitted bid rejected by the steering committee for the bank's sale. The bid was reportedly too low.

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