Government acquires state ownership in two Hungarian banks

Tuesday, June 25, 2013


The Hungarian government acquires 49 percent ownership of the Granite Bank and the Széchenyi Commercial Bank Ltd., according to the Financial Supervisory Authority's decisions.

Both banks Hungarian-owned. The principal owner of the Granite Bank is the Hungarian Capital Company Ltd, which is linked to Sándor Demján. The sole shareholder of the Széchenyi Bank is T & T Real Estate and Property Management Co., which is linked to István Töröcskei the leader of the Government Debt Management Agency.

The government after one and a half years of preparation acquired the shares by HUF 2.58 billion capital increase. The former owners retain 51 percent stake along with management rights; the bank's business strategy will not change either.

(MTI – hungarianambiance.com)

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