Magyar Takarékszövetkezeti Bank (MTB) will make an offer of just under HUF 32 billion to acquire a 51% stake in Takarék Commercial Bank (formerly FHB Bank) from Takarék Mortgage Bank at a shareholdersʼ meeting on August 27, the EGM agenda shows.
"The price included in the offer was verified and confirmed as acceptable in a business valuation performed by an international consulting firm," according to the proposal on the agenda, cited by state news agency MTI.
Magyar Takarékszövetkezeti Bank already owns 8.2% of Takarék Commercial Bank, while state-owned postal company Magyar Posta holds 40.8% of the lenderʼs shares.
Takarék Commercial Bank is expected to merge into Takarékbank, a universal commercial bank of Hungaryʼs integrated savings cooperatives launched in the spring, at the end of October. The merger is part of a consolidation strategy that will create a lender with the largest network of branches in the country by 2020.