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Regulator okays FHB-Allianz merger

Hungary's mortgage bank FHB on Friday said financial market regulator PSzÁF approved the merger of Allianz Bank with FHB's commercial banking unit FHB Kereskedelmi Bank. The merger is expected to become effective on March 31, FHB said.  FHB agreed to buy Allianz Bank from insurer Allianz Hungária last July. FHB acquired Allianz Bank for 1,829,864 FHB shares -- worth about HUF 2.2 billion at market value -- and HUF 1.1 billion in cash. When the parties announced the deal in July, they put the value of the transaction at HUF 3.8 billion. Allianz Hungária held 12% of FHB shares after the transaction was closed on September 30. It agreed to keep the shares for at least three years with restrictions on sales to parties outside of the Allianz group. FHB and Allianz Hungária also made an exclusive 20-year cross-sales agreement, with no option for withdrawal in the first five years. FHB and Allianz Hungária have cooperated for almost ten years. (MTI-Econews)