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Competition Office approves FHB acquisition of Allianz Bank

Hungary's Competition Office (GVH) on Wednesday said it approved FHB Mortgage Bank's acquisition of a 100% stake in Allianz Bank. The banks' combined market shares are low and a merger would not result in a negative horizontal effect on markets, GVH said. FHB's share of the retail lending market is under 5% and Allianz Bank's is lower than 1%. Neither FHB's nor Allianz's shares of the retail deposit market, corporate lending market or corporate lending market reach 1%. FHB acquired Allianz Bank from its parent, insurer Allianz, for HUF 1.1 billion in cash and 1.8 million FHB shares, in July. The final price will depend on the net assets of Allianz Bank when the transaction is closed. The transaction will raise the number of FHB branches to 70. (MTI-Econews)