Julius Baer may up OTP stake
The New York-based Julius Baer Investment Management LLC may further increase its stake in the Hungarian bank OTP as, in its Thursday’s decision, financial market regulator (PSzÁF) allowed the Swiss property management company to obtain a stake exceeding 10% but no more than 15% in the bank.
OTP’s general meeting cancelled the 10% general property acquisition limit two years ago, then this spring, the 50% limit concerning all foreigners. According to Julius Baer Investment’s flash report published in June, the company already had 16,563,000 OTP shares, i.e. 5.9%, which the company increased to around 10% in the past few weeks. Upon receiving clearance from PSzÁF, the company may purchase further OTP shares as it was reflected in the market reaction: as opposed to Wednesday’s closing price of Ft 9,000, the price of OTP shares reached Ft 9,450 on Friday. (Napi Gazdaság)
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.