ELLA Bank receives new subordinated loan from majority owner


ELLA First Home Loan Bank Zrt announced on Thursday it received €1 million ten-year subordinated loan capital from its majority shareholder Mortgage Holding S.A. on August 31.

ELLA Bank said the loan will be disbursed in several installments. This is the third subordinated loan Mortgage Holding extended to ELLA Bank after a ten-year €1 million subordinated loan at the end of June and a similar-term €1.5 million at the end of March this year.
The main activity of ELLA Bank is mortgage lending to retail clients and SMEs. The bank was transformed from a savings cooperative to a commercial bank in 2004. Mortgage Holdings, owned by Emerging Europe Capital Investors (EECI), holds 90.25% of the bank's registered capital of Ft 2 billion. The EECI fund will end its run in two years, and ELLA Bank said at the end of March that Mortgage Holdings will either set up a new fund to buy the bank's shares, or sell the bank.
According to its unaudited first-half report, Ella Bank had pre-tax profits of Ft 383 million in the first half of 2006, sharply up from Ft 27 million a year earlier. Loans to clients increased 160% to Ft 66.72 billion in the twelve months to the end of June 2006, and total assets increased 165% to Ft 74.06 billion.


The New Age of Commerce is Approaching Analysis

The New Age of Commerce is Approaching

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed


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.