MBH Bank Further Increases Stake in Fundamenta

MBH Bank Plc. is further increasing its stake in Fundamenta-Lakáskassza Plc. after signing a sale and purchase agreement with Generali Biztosító Plc.. for the purchase of a 14.88% stake in the housing savings bank; after obtaining the necessary regulatory approvals, the credit institution will hold a total of 91.23% of the company.

MBH Bank said in a statement that it would acquire a further 14.88% stake in the strategically important housing fund, strengthening its majority ownership position. As a precursor to the current deal, MBH Bank acquired Fundamenta-Lakáskassza Plc. in March 2024, with the aim of becoming the leading player in the Hungarian savings and housing loan market through the existing and untapped synergies between the two companies, complemented by the Fundamenta Group.

In the statement it was recalled that the cooperation between MBH Bank and Fundamenta has been very successful in recent months, with the bank's customer base growing by around 480,000 customers, HUF 530 billion in loans and HUF 570 billion in deposits, and MBH Bank further diversifying the product range available at Fundamenta.

Fundamenta will continue to operate as a consolidated subsidiary of MBH Bank, but as a separate entity. The transaction is expected to close in January 2025, pending the receipt of the necessary regulatory approvals, the statement said.