State to Buy out Talanx Stake in Magyar Posta Insurance Businesses
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State-owned Corvinus International Investment Company has signed a contract to acquire 66.9% stakes in the life and general insurance units of state-owned postal company Magyar Posta from Germany's Talanx, Economic Development Minister Marton Nagy said in a statement issued Thursday, according to a report by state news wire MTI.
Nagy noted that the government has made a priority of boosting domestic ownership in the insurance sector.
The deal could be closed in H1 2023, he said.
Magyar Posta holds 33.1% stakes in the businesses: Magyar Posta Életbiztosító and Magyar Posta Biztosító. The businesses had revenue from premiums of EUR 350 million last year.
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