The deal, which has been cleared by the National Bank of Hungary (MNB), will be closed "within weeks," Cselovszki said.
Random Capital has almost 22,000 securities accounts with a combined balance of around HUF 70 billion. Erste's money and equities markets and asset management division has more than 262,000 securities accounts with a combined balance of nearly HUF 3 trillion.
Random Capital's share of spot market turnover on the Budapest Stock exchange reached 5.7% in January-July. Erste's share was 23.9%. Random Capital founder and owner Ferenc Virág said the broker had reached a threshold requiring a "stable, capital-strong foundation" to expand its product offering.
The company had revenue of H UF 1.7 bln last year. Erste Befektetési's turnover from investment services reached HUF 43 bln in 2020.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
