FHB to buy Allianz Bank Hungary for EUR 13.3mn.

By bne IntelliNews July 7, 2010
FHB will purchase the Hungarian bank unit of German financial group Allianz for HUF 3.8bn (EUR 13.3mn) through equity swap and cash payment, FHB said confirming earlier plans. The deal will be part of the long-term exclusive cooperation agreement between FHB and Allianz, signed in the beginning of July. FHB will acquire 100% of Allianz Bank Hungary shares in exchange for a HUF 1.1bn cash payment and 1,829,684 of its own ordinary shares, representing 2.8% of its share capital. These shares will be controlled by the Hungarian insurance unit of Allianz, which already is FHB's third largest shareholder with a 9.57% stake. The price for the transaction is only indicative and its final value will depend on the net assets of the Allianz banking unit at the time of the deal closure, which is scheduled for the end of September. The total assets of Allianz Bank Hungary amounted to HUF 102bn while FHB's assets stood at HUF 772bn as of end-March.

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