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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