Business 13 December 2017, 9:25am

Hungary's FHB sells stake in largest owner of Takarékbank

Portfolio

Changes to the ownership structure of Hungary’s Takarék Group continue. While the last 12 months or so were about increasing the ownership of Takarékbank and the savings co-operatives in FHB Mortgage Bank, now it is FHB’s direct ownership that was reduced to zero in the central bank of the savings co-operatives, hence the ownership is becoming almost entirely a one-way relationship.

The owners of Takarékbank are

Magyar Takarék Befektetési és Vagyongazdálkodási Zrt. (MATAK) - 54.8%
Members of the Szövetkezeti Hitelintézetek Integrációs Szervezete / Integration Organisation of Co-operative Credit Institutions (SZHISZ), i.e. primarily savings co-operatives - 43.3%.

FHB has had a 25.1% stake in the former since August 2014, i.e. it indirectly held a 13.75% stake in Takarékbank.

FHB announced late on Tuesday that

FHB sold its shares in MATAK with HUF 253 million par value, representing 25.1% of the share capital of MATAK.

The statement published on the website of the Budapest Stock Exchange (BSE) does not say who the buyer is. According to the list of owners available on Takarékbank’s website, FHB Mortgage Bank, FHB Commercial Bank has a minimal (0.0001%) stake in Takarékbank as member of the SZHISZ, which holding is unaffected by the current announcement.