FHB sale abandoned
Friday, July 29, 2005, 10:11
Hungary ditched a plan to sell its majority stake in mortgage lender FHB bank Rt after a change of heart by the government, daily Népszabadság reported. The agency, ÁPV Rt, said May 5 it planned to sell a 50% plus one vote stake in the Budapest-based bank, known as FHB, this year and invited bids from advisers. The stake is worth Ft 42 billion based on current stock price. "ÁPV made the decision in harmony with the government's new standpoint and in the interest of the government reaching its objectives regarding the bank and keeping the lender profitable" the agency said yesterday.