ADVERTISEMENT

Five applicants invited for FHB privatization consulting tender

In Hungary

Five applicants have been invited to tender to serve as consultant in the privatization of a majority stake in FHB Mortgage Bank, the State Privatization and Holding Company (APV) said on Tuesday.

The winner of the closed, single-round tender will organize the sale of 33,000,010 A series FHB shares, which carry voting rights of 50%-plus-one-vote, APV said. The sale could also involve the offering of a further 2,714,300 B series voting preference shares, APV said. The state owns 54.11% of FHB, including B series shares. This year Allianz Hungaria acquired 8.0086% of the bank and Silvermist Estate acquired 7.5757%. FHB had after-tax profit of Ft 3.750 billion (€13.9 million) in the first half of 2006, 17.2% less than in the same period a year earlier, the bank said in its H1 consolidated report, prepared with International Financial Reporting Standards (IFRS) and published in August. FHB attributed the fall in profits to strategy-related costs. It is expanding into a group which includes a commercial bank and covers the entire mortgage market. Narrowing margins and losses recorded on derivatives transactions also squeezed profits. FHB's consolidated total assets grew 16.7% to Ft 524.907 billion in the twelve months to June 30. (Mti-Eco)

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

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.