IRB sale to close in December

The privatisation of Slovakia's Investment and Development Bank (IRB) to Hungary's OTP Bank should be confirmed in the first week of December, Finance Minister Brigita Schmögnerová has said.

Cabinet on November 7 approved the sale of a 92.5% stake in the finance house for Sk700 million. OTP, founded 50 years ago, has market share of 23% in Hungary.

IRB posted a loss of Sk193 million for the first three quarters of this year.

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