Raiffeisen Not To Sell Hungary Unit, Says Bank
- 9 Jan 2014 8:00 AM
Raiffeisen Bank International AG will not sell its Hungarian subsidiary under the current conditions, the bank said Wednesday. The bank said that it had examined the offers received over the past few weeks and decided not to sell the unit.
Business daily Napi Gazdaság’s online edition said on Tuesday that Széchenyi Commercial Bank (SZKB) was planning to acquire Raiffeisen’s Hungarian unit for a token sum of 1 euro and would also take over the unit’s bad loans.
Economy Minister Mihály Varga told public television M1 earlier on Wednesday that only the sides involved could confirm whether they were engaged in talks. “I, however, would not put a large bet on the option that this transaction will indeed materialise,” said Varga, adding that Raiffeisen’s Hungarian business had brought many years of profit to the bank’s owners.
Even if they are considering selling now, they may change their minds, he said.
Source www.hungarymatters.hu
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