Germany's DZ Bank tries to take control of Takarékbank

Analysis

Saving banks tend to lose out against banks in dynamism, but their financial situation is even shakier due to the tens of millions of forints worth of hopeless loans granted earlier to various leasing and factoring companies.

As a way out and up, saving banks either choose to turn into banks or merge with each other. To keep abreast, saving banks' interest association OTSz has recently modified its statutes so that OTSz members may become legal heirs to any saving bank. Answering a call for help by OTSz, DZ Bank AG shows willingness to take over the 6.64% stake that insurance company Allianz Hungary Zrt holds in Takarékbank Zrt, the umbrella institution for saving banks, which was previously offered for sale, but the other saving banks declined to buy. According to Napi Gazdaság information, DZ will try to acquire from the saving banks as many Takarékbank shares as to add up to a 75% stake. At present Takarékbank is co-owned by OTSz members, Allianz and DZ. (Napi Gazdaság)

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