Takarékbank, FHB acquire JNT Security stakes

Initiatives

Hungary’s Takarébank and FHB Mortgage banks on March 31 purchased 40% and 10%, respectively, of JNT Security stakes, which used to be exclusively owned by state-owned postal company Magyar Posta, the buyers jointly announced today.

JNT Security, an armored truck and cash logistics company, is expected to take over a "significant part" of the valuables delivery tasks of Hungaryʼs integrated savings cooperatives, the statement said.

Magyar Posta bought a 49% stake in FHB’s commercial banking unit FHB Kereskedelmi Bank for HUF 28.5 bln in September 2014. In August, the state completed the sale of its majority shares in Takarékbank, an umbrella bank for Hungary’s savings cooperatives, to Magyar Takarék with national postal company Magyar Posta’s transfer of its TakarékBank shares.

For further information on ownership, check our Deals of the year for 2014 article.

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