[ad_1]
Corvinus Zrt. And the controlling owners of Budapest Bank, MKB and MTB have signed the investment and syndicate agreement, according to which the indirect state participation of the Hungarian state in Budapest Bank, as a non-monetary contribution, in kind, will be transferred to Magyar Bankholding Zrt. ., the department of press and communication of the minister without portfolio responsible for the management of the national patrimony told the MTI on Friday.
According to the announcement, the Hungarian state will acquire 30.35%, MKB owners 31.96% and MTB owners 37.69% in the new banking group, through in-kind contributions, through Corvinus Nemzetközi Befektetési Zrt. With this step, the majority indirect ownership of the Hungarian state in Budapest Bank will cease and the second largest banking group in Hungary will soon be established with strong capital and significant growth potential, with a consolidated value of more than HUF 740 billion. Large international consultants were involved in the preparation of the transaction, in the development of the strategic vision and synergy concept of the new banking group, the investment banking tasks were performed by Rothschild & Co, and the legal advisory tasks were performed by DLA Piper.
On May 26, 2020, the shareholders of Budapest Bank, MKB and MTB declared in a joint letter of intent to examine the possibilities of establishing a universal banking group with the participation of experts, and for this they established Magyar Bankholding Zrt., Owned by the three banks. In recent months, with the participation of the investment bank Rothschild & Co and a number of international advisory firms, the parties have carried out the necessary legal, economic, financial and organizational due diligence and evaluated the synergies of operating the three institutions. financial institutions such as a banking group. The signing of the union agreement is the end result of this process, which will allow the creation of the second largest nationally owned universal banking group in Hungary, according to the statement.
[ad_2]
