Raiffeisen Bank halts sale of Hungarian unit
Austria-based lender Raiffeisen Bank International (RBI) has decided not to sell its Hungarian unit for now, Reuters reported Wednesday citing sources familiar with the situation. The announcement followed media reports and speculation (including a story from local business news website Napi.hu which had Széchenyi Commercial Bank acquiring RBI’s entire Hungary-based operation for the token sum of €1) that such a deal could be imminent.
Raiffeisen, Central and Eastern Europe’s second-largest lending institution, had said in November it was reviewing offers for the loss-taking Hungary-based business as it focuses on more promising markets in the region.
Two sources informed Reuters yesterday that Raiffeisen had decided against doing a deal on the grounds that selling at a reduced price would trigger losses the bank was not prepared to accept.
-- Material from MTI was used in this article
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
Cordia’s Marina City Project Begins
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
