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MNB clears Takarékbank, savings coops to boost stake in FHB

Initiatives

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The National Bank of Hungary (MNB) has cleared Takarékbank and a consortium of savings cooperatives to boost their combined stake in FHB Bank as far as 100%, an updated takeover offer posted on the website of the Budapest Stock Exchange (BSE) shows, according to Hungarian news agency MTI.

Takarékbank and the savings coops last week announced a public purchase offer for FHB Bank at HUF 533 per share, the statutory minimum.

At a general meeting in April, Takarékbank shareholders agreed to make the acquisition of 100% of FHB a strategic goal of the savings cooperative integration, and mandated the board to move forward with a buyout. The shareholders envisioned a delisting of FHBʼs shares from the Budapest Stock Exchange conditional on the outcome of the buyout.

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