Single bidder for state’s stake in Takarékbank

Deals

The government-appointed committee overseeing a tender for the state’s 54.85% share of saving cooperative central bank Takarékbank today announced that a single bidder put in for the stake, “a party with a majority of Hungary’s savings cooperatives,” according to an official statement.

The deadline for the tender was yesterday and the sole bid was submitted despite three parties initially showing interest.

The offer is set for review by the middle of next week, with negotiation on the sale to be finalized by March 20 at earliest.

Takarékbank was taken over by the state last year as part of the sitting government’s efforts to integrate and streamline the country’s savings cooperative subsector.

Additionally, announced yesterday was the acquisition of a 25% stake in Takarékbank by FHB mortgage bank. An official statement explainted that FHB had acquired the 25% stake through a nominal-value payment of HUF 252 million on February 3 as part of the share-capital increase that Takarékbank approved at its general meeting.

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