ELLA Bank sells Ft 2.2 bln of mortgage-backed bonds at auction
Hungarian home savings bank ELLA Zrt sold mortgage-backed bonds worth Ft 2.2 billion at an auction on Monday after receiving offers worth Ft 2.2 billion, ELLA announced on the website of the Budapest Stock Exchange (BÉT).
Shareholders of ELLA Bank decided at a general meeting on October 26 to raise the bank's registered capital to Ft 4 billion. The owners also decided to issue a €7 million subordinated loan to ELLA, to be disbursed in several installments. Excluding the current one, ELLA Bank received subordinated loans to a combined €3.5 million from its majority-owner, Luxembourg-based Mortgage Holding, earlier this year. As a result of the capital raise, Mortgage Holding's share of ELLA will gain another 5% of the bank, bringing its stake to 95%.
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