The state subscribed HUF 1.7 bln of the newly issued shares in the capital raise, which took place on December 30, 2015. Pannonia Pension Fund, Hungaryʼs fifth-largest voluntary pension fund, which manages assets of almost HUF 100 bln, subscribed HUF 1.4 bln.
The National Economy Ministry, which exercises ownership rights over the state’s stake in the lender, justified its participation in the capital raises citing its view of Gránit Bank as a “stable and dependable partner”, adding that the bankʼs activities “fit well with the governmentʼs growth incentive economic policy”.
Gránit Bank was set up five years ago by construction industry magnate Sándor Demján to help Hungarian SMEs out of the crisis. The state acquired a 49% stake in the bank in 2013. The latest capital raise brings the stateʼs stake in the lender to 49.97%.
Gránit Bank added in its statement that Demján had sold his shares in the bank, in line with an earlier agreement, to deputy chairman-CEO Éva Hegedűs at the end of last year, bringing her stake to 33.8%. Private investors hold the remaining 16.23% of the lenderʼs shares.
Shareholders also elected Hegedűs as chairman, though Demján will remain honorary chairman, Gránit Bank said.
Gránit Bank has total assets of over HUF 150 bln.
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