Sale Of Raiffeisen Bank In Hungary Expected Soon
- 7 Jan 2014 8:00 AM
The board of directors of Raiffeisen Bank may decide on the sale of the Hungarian bank or some of its assets to Széchenyi Bank as early as today, Napi Gazdaság reports. The cabinet will address the question when it meets on Wednesday, as the state bought 49% of Széchenyi Bank last summer.
The purchase will probably require additional capital, most likely from the government, Napi Gazdaság calculates.
István Töröcskei, owner of 51% of Széchenyi Bank, and head of the state debt manager ÁKK, yesterday refused to comment, saying it is not customary to speak about ongoing deals before they are signed.
Széchenyi could avoid paying the bank tax, which is levied on 2009 total assets, if it acquires only the assets of Raiffeisen’s Hungarian unit, rather than the bank itself.
Source: Hungary Around the Clock
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