Emerging Europe Accession Fund takes over Nextebank Romania

Emerging Europe Accession Fund (EEAF) became the major shareholder of Nextebank, the Romanian subsidiary of MKB Bank Zrt Hungary after the banking group sold its entire majority participation. The purchase agreement was signed on December 31, 2013 however the closing of the transaction, whose amount has not been disclosed, depends on the approval from Romania’s Central Bank, according to a press release.

EEAF was established in 2010 and is the third private equity fund managed by Axxess Capital, being supported by institutional investors such as the European Bank for Reconstruction and Development, the European Investment Fund, DEG and the Black Sea Trade and Development Bank. The fund is active mostly on South Eastern Europe markets, in Romania its main focus being on business to business services or export driven business, the transaction in question being the first one in Romania’s banking sector.