The sale of the stake, one share shy of 25%, would establish cross-ownership that guarantees cooperation between savings cooperatives and Magyar Posta, the National Development Ministry said on Thursday.
Magyar Posta recently acquired a 19.3% stake in Takarékbank, the “central bank” for savings cooperatives, for HUF 655m, as part of the sector’s integration.
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.
The state is not required to call a tender for the sale of the stake in Magyar Posta because the transaction serves an important goal of the state and was decided in a published government decree.
The state must retain an at least 75% plus one vote in Magyar Posta under the law.
