State acquiring minority stakes in two Hungarian-owned banks

Deals

The state of Hungary is acquiring 49% stakes in the Hungarian-owned banks Gránit Bank and Széchenyi Kereskedelmi Bank, a resolution by financial market regulator PSZÁF shows. The state raised capital in Gránit Bank by HUF 2.58 billion, subscribing newly issued shares. Gránit Bank aims to operate as a direct bank without a brick and mortar network. Its majority owner is Magyar Tőketársaság, a holding of the construction industry magnate Sándor Demján. Széchenyi Bank's majority owner is T&T Ingatlanforgalmazó es Vagyonkezelő, a company tied to Government Debt Management Agency (ÁKK) head István Törőcskei.

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