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OTP stake in econet.hu falls below 1%

OTP, Hungary’s largest retail bank, said its stock of 7.25 million shares in econet.hu fell on February 2 to 60,000 shares, reducing its stake in the listed media and IT company to 0.1% or 60,000 shares. Meanwhile, MKB Bank was reported to have acquired a 10.58% stake in econet.hu. MKB said it bought the shares for its investment services portfolio. OTP was econet.hu's single largest shareholder before the transaction, with a 12.4% holding. OTP Bank did not say whether the transaction happened on the Budapest Stock Exchange or the OTC market.