The banking supervision division of the central bank has issued a permit to Hungary's MKB for taking over the local UnionBank, reads a press note of the monetary authority. MKB is the third largest lender in Hungary and is owned by Germany's Bayerische Landesbank. The acquisition bill has been signed at the end of last year and has already passed the approval of the state antitrust agency. UnionBank is in the middle of the asset ranking for 34 commercial banks active in the country and holds a market share of around 1.5%. The price of the deal is not disclosed but judging from similar bank acquisitions in the country, the Hungarians would most likely pay €50 million to €60 million for the 60% stake. As of the end of last year, UnionBank has total assets of BGN474 million (€242 million) and equity capital of BGN61 million (€31 million). Prior to the acquisition, it is owned by local private entities and EBRD, which holds 15%.