| FHB agreed to become sole owner of Allianz Bank Hungary, part of the local unit Allianz Hungaria Biztosito of German insurance group Allianz, FHB announced. Allianz Hungaria Biztosito is the third largest shareholder in FHB with a 9.57% stake. In addition, FHB and Allianz Hungaria Biztosito signed a 20-year cooperation agreement, containing an option for withdrawal only after the first five years. It also stipulated that the insurer would remain a significant shareholder in FHB for the term of the cooperation agreement, providing for the joint distribution of the banking and insurance products of the two companies. The acquisition of Allianz Bank by FHB will be financed through a share swap with Allianz Hungaria Biztosito, but no specific details of the deal were announced. The final contract is to be signed in July, following the scheduled further negotiations. The branch network of FHB will increase to over seventy branches after the acquisition of Allianz Bank and will continue to serve clients of both institutions. FHB had total assets of HUF 801bn as of end-2009, while the asset volume of Allianz Bank stood at HUF 60.5bn at the end of 2008, according to the latest available data. |
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