Savings cooperatives, which own the majority of Hungary’s TakarekBank, did not impede at the bank’s Friday’s EGM the completion of the share sale and purchase transaction whereby Germany’s DZ Bank AG is to sell a more than 38pc stake in TakarekBank to the state-owned Hungarian Development Bank (MFB), managing director of the National Association of Savings Cooperatives (OTSZ) Antal Varga told MTI.
Shareholders amended the articles of association partly in connection with the planned sale at the EGM.
Prime Minister Viktor Orban said earlier the government intends to acquire a minority stake in TakarekBank in order to strengthen the savings cooperatives sector.
At present DZ Bank holds a 38.5pc share packet,and savings cooperatives hold 56.5pc of the shares.
Takarekbank has been a member of saving cooperatives integration, which has 106 members, since June 1, this year. Total assets of the integration were HUF 1,746.1bn at the end of June. Excluding TakarekBank, they reached HUF 1,396.4bn.