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ELLA shareholders approve capital raise, subordinated loan

Shareholders of home savings bank ELLA Zrt decided at a general meeting on October 26 to raise capital at the bank to Ft 4 billion, the bank announced on Tuesday.

The owners also decided to issue a €7 million subordinated loan to ELLA. As a result of the capital raise, Luxembourg-based Mortgage Holding will gain another 5% of ELLA, bringing its stake to 95%. The remaining shares of the bank will remain with ELLA Szolgáltató Kft. The capital raise and the loan are intended to support ELLA's business activities.
ELLA has offered retail mortgage loans and related services in Hungary since 1999. The bank has about 62,000 clients and total assets of almost Ft 85 billion. ELLA is indirectly owned by the Royalton Capital Investors investment fund, which concentrates its activities in new EU member states.