February 9, 2015 / 3:22 PM / 3 years ago

Hungary, EBRD to take stake in Erste local unit -PM

BUDAPEST, Feb 9 (Reuters) - Hungary's government and the European Bank for Reconstruction and Development (EBRD) will take stakes in Austrian Erste Bank's local unit, Hungarian Prime Minister Viktor Orban told a news conference on Monday.

"We have signed a Memorandum of Understanding which also involves the government taking a stake in Erste Bank ... the EBRD will act in a similar way," Orban told a joint news conference with EBRD President Suma Chakrabarti and Erste Bank Chief Executive Andreas Treichl.

Orban added that Hungary would gradually reduce the level of its bank tax, one of the highest in the European Union beginning in 2016-2017. (Reporting by Budapest newsroom; Writing by Gergely Szakacs)

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