The chairman of Irish Intercontinental Bank Mr Paddy McEvoy, is to become chairman of Kereskedelmi es Hitelbank (K&H Bank), Hungary's second-largest bank. IIB's shareholders, Kredietbank NV and Irish Life Assurance, as an consortium, have won a tender to purchase a 56 per cent stake in K&H Bank.

Mr McEvoy will take up his appointment on completion of the purchase and will continue as chairman of the Irish Intercontinental Group of companies. Kredietbank is Belgium's second largest bank and holds a 75 per cent shareholding in IIB. Mr McEvoy said it is intended to offer shares in K&H Bank to Hungarian and international investors in the near future and this would create "a new momentum for the bank as a quoted company".