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Hungary: Gov’t sells FHB stake overnight

News daily Napi Gazdaság is reporting that the government sold its 50% stake in the Land Credit and Mortgage Bank Zrt yesterday evening, an unexpected move to generate revenue in order to address the budget deficit.

Rumor says that the deal will be accelerated, in similar fashion to the sale of oil and gas company MOL in early 2005. Details of the transaction are expected this morning. The last known government decree on the bank had the sale value of a 50% share at 66 billion forints ($351 million), representing a potential decrease to the deficit of up to 0.3%.

Offers were asked in a relatively narrow price band: around Ft 2000 per share. (Napi Gazdaság)