HUF 36 billion more for SzHISz in Magyar Posta acquisition

Initiatives

The government is raising the state's minimum contribution to savings cooperative integrator SzHISz from HUF 100 billion to HUF 136 billion to cover the acquisition of a stake in postal company Magyar Posta, National Development Minister Zsuzsa Németh said in Monday's issue of business daily Napi Gazdaság.

The government recently issued a decree on making preparations for the sale of the 25%-minus-one-vote stake in Magyar Posta to SzHISz. The National Development Ministry said the transaction would establish cross-ownership that guarantees cooperation between savings cooperatives and Magyar Posta.

Németh explained that the acquisition was intended to improve financing as well as postal services in smaller cities and towns.

The government-initiated integration of Hungary's savings cooperatives aims to create synergy and allow savings cooperatives to meet stricter European Union capital adequacy requirements. Legislation on the integration was approved by Parliament in July.

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