Russian Bank, Aeroflot to take over Malév following collapse of parent company

By MTI

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Russia’s state-owned Vnesheconombank will take over Hungarian national airline Malev and operate the airline in partnership with Russia’s Aeroflot, Hungary’s Finance Minister Janos Veres announced at a press conference held jointly with Russia’s First Deputy Prime Minister Viktor Zubkov on Saturday.

Veres said that the Russian owner had agreed to keep Malev a national airline as well as its rights in European Union air traffic.

Malev is owned by AirBridge, a company in which two Hungarians own the majority stake and Russian tycoon Boris Abramovich holds 49 percent.

The Russian Vnesheconombank had guaranteed the financing of Malev’s operation since its privatisation in 2007.

Zubkov said the ownership change occurred due to the previous Russian owner’s “not very assertive management style” as well as the effects of the financial crisis. He added that Malev had a “promising future”.

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