The transaction was cleared on July 8th by a decision of the Budapest Appeals Court, annuling a ruling of the Budapest Municipal Court, the statement added. The Budapest Municipal Court had ruled on April 18th that the integration of savings cooperatives was unconstitutional because it violated the right to ownership on several points and was contrary to fair economic competition.
The Municipal Court, which asked the Constitutional Court to annul the integration, also prohibited Magyar Posta to transfer its shares. Earlier in March, Magyar Posta had signed a deal with state-owned Hungarian Development Bank (MFB) to sell its 54.8% stake in Takarékbank to Magyar Takarék for more than HUF 9bn.
The state took over TakarékBank last year as part of a government-mandated integration of the savings cooperative sector. New powers were attributed to the bank, including the power to determine standards for risk management, business policy and strategy for all savings cooperatives that are members. The integration aims at creating synergy and helping savings cooperatives, and also meets stricter European Union capital adequacy requirements, according to MTI (National Press Agency).
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