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FHB Bank swaps service provider for 10% stake in property company

Property company BIF on Friday said FHB Bank acquired 10% of its shares from Budapest Ingatlan Holding in exchange for FHB Szolgaltato, which provides IT services to the lender.

FHB Bank acquired the 2,583,480 BIF shares over the counter at a price of HUF 569 per share or a combined HUF 1.47bn in exchange for FHB Szolgaltato which will continue providing services to the bank.

As a result of the company’s removal from the bank’s consolidation, warranty capital will rise by more than HUF 9bn, FHB Bank said.

Budapest Ingatlan Holding is owned by Zoltan Speder, the chairman of BIF’s as well as of FHB Bank’s board.

Under another agreement, Budapest Ingatlan Holding and A64, another company managed by Mr Speder, acquired a purchase option for the 10% stake in BIF held by FHB Bank.

A64 holds 16.28% of FHB Bank, according to ownership data updated on September 1.