State to Sell Stakes in Magyar Posta Insurance Businesses

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State-owned Corvinus International Investment Company will sell its 66.9% stakes in the life and general insurance units of state-owned postal company Magyar Posta in an open competition procedure, the Economic Development Ministry said on Tuesday, according to a report by state news wire MTI.

International consulting company Deloitte has been assigned to manage the procedure.

The indicative offer phase is expected to start at the beginning of October and last until the end of that month. The mandatory offer phase could be completed by the end of December, and the contract with the selected buyer could be signed early next year.

The state of Hungary earlier declared that it did not aim to retain its majority ownership in the insurance businesses of Magyar Posta in the long term.

The transaction is expected to boost competition on the insurance market and raise the quality of service, the ministry said.

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