Saving co-ops could be allowed rebuy of Takarékbank shares
A government resolution mandating the sale of Takarékbank could give savings cooperatives a chance to reacquire their stakes in the bank, but a decision on the matter must be taken quickly, National Association of Entrepreneurs and Employers (VOSz) secretary-general Ferenc Dávid said today.
Dávid noted the resolution states that preference in the open, international tender for the state’s stake in the bank should be given to “players in the savings cooperative sector.” Savings cooperatives, which hold 49% of Takarékbank, have the resources to acquire the stake, he added.
Takarékbank’s shareholders, mostly savings cooperatives, approved the de facto takeover of the bank by the state through a capital raise at a general meeting in August. The move was part of a government initiative to integrate savings cooperatives with the aim of creating synergy and meeting stricter European Union capital adequacy requirements. The initiative gives Takarékbank the power to determine standards for risk management, business policy and strategy for all savings cooperatives that are members of the integration.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.