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Takarékbank, Hungarian cooperatives launch buyout offer for FHB Jelzálogbank

Magyar Takarékszövetkezeti Bank Zrt., together with Hungary's integration of credit cooperatives, or SZHISZ, has launched a public buyout offer for the remaining shares of FHB Jelzálogbank Nyrt., the Budapest Business Journal reported May 30, citing Hungarian news agency MTI.

The takeover bid, which is priced at 533 Hungarian forint per share, is pending approval by the National Bank of Hungary.

The shareholders of Takarékbank decided in April to make the purchase of all shares of FHB Bank a strategic goal for SZHISZ and asked the board to proceed with the buyout. They plan to delist FHB Bank from the Budapest Stock Exchange, according to the report.

SZHISZ members jointly owned 68.2% of FHB Bank at the end of 2016, said Moody's, which upgraded the lender earlier in May, citing its closer integration into the Hungarian cooperatives sector, the journal added.

The buyout offer was announced by Takarékbank in the week of May 22.

As of May 30, US$1 was equivalent to 275.73 Hungarian forint.