Watchdog gives nod to Vienna Bourse to acquire majority stake in Budapest peer

Hungary's financial market watchdog PSzÁF said it approved the Vienna Bourse's request to acquire up to 50.45% of the Budapest Stock Exchange (BSE).

The acquisition will also give the Vienna Bourse a 46.7% indirect stake in clearing house KELER.

In June, the Vienna Bourse announced it would buy 25.2% of the BSE from UniCredit Bank Hungary, raising its stake to 37.7%. It also said it was in talks to buy stakes in the BSE from the other members of a consortium of financial companies that bought a combined 68.8% stake in the BSE in 2004.

Among the consortium’s members are Österreichische Kontrollbank, with a 12.5% stake in the BSE, Raiffeisen Zentralbank Österreich (6.37%), Erste Group Bank (6.37%) and Erste Befektetési (5.85%). The acquisition of all of the shares held by the remaining members will raise the Vienna Bourse’s stake in the BSE to 50.45%.

PSzÁF’s approval of the acquisition is valid for 30 days from September 19. (MTI – Econews)

Banking

Nagy Asks for Banks’ Cooperation on Workers Credit, Home Loan Rates

Art

Contemporary Korean Art Moves to Clark Ádám Tér

Government

Forecasts Accurate So Far, Key to Flood Defense, Orbán Says

Interview

Building a Culture of Excellence at Hotel Clark

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.