The National Bank of Hungary (MNB) has completed the sale of MKB Bank to a consortium of three buyers for HUF37bn ($130.3m).

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MKB has been acquired by Blue Robin Investments, METIS Private Capital Fund, and Pannonia Pension Fund, which will have a stake of 45%, 45% and 10%, respectively in the Hungarian lender. The deal was announced in April 2016.

"The purchase price of HUF 37 billion exceeds the State aid of HUF 32 billion, even after deductions under law, hence at the same time with sale, the State aid has also been repaid to MSZVK," MNB said in a statement.

The central bank took control of MKB after the Hungarian government’s acquisition of the troubled MKB from Bayerische Landesbank in 2014. MNB also developed a resolution action plan for MKB.

As part of the resolution action, MNB has separated toxic assets in the lender’s commercial real estate loan portfolio and offloaded HUF130bn of the exposure for about HUF100bn on the market.

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"MNB acting in its scope as resolution authority has transferred the gross credit portfolio of HUF 214 billion that could not be sold on the market through the sale of business tool to MSZVK Magyar Szanálási Vagyonkezel? Zrt. Asset separation has been implemented at a transaction price of approximately HUF 100 billion (higher than the current market value at that time) set by an independent valuer and approved by the European Commission, that is, at real economic value to stabilise the capital position of MKB," MNB added.