Corvinus International Investment Plc., a 100% Hungarian state-owned company, and Vienna Insurance Group (VIG) have signed an agreement to reduce the state's minority stake in the Hungarian VIG companies from 45% to 10%, the Ministry of Economic Development (GFM) announced in a statement on Tuesday.
The statement said that the Hungarian state, as a minority shareholder of the leading Hungarian holding company, which includes the insurance companies Alfa Biztosító and Union Biztosító, will continue to support the development of the insurance sector as a strategically important sector, and to further increase its competitiveness and performance.
On March 25, 2022, Corvinus Plc.. acquired a 45% minority stake in the Hungarian business of the VIG Group, and under the terms of the cooperation agreement concluded in this context, the controlling majority and operational management rights remained with the VIG Group, which is listed in Vienna and partly also in Budapest. With the transaction just announced, the Austrian majority stakeholder will buy back a 35% stake from the Hungarian state.
The closing of the transaction is subject to the approval of the Hungarian National Bank (MNB), GFM noted.
In its statement, the ministry said that over the past year and a half a harmonious, fruitful and forward-looking working relationship has been established on strategic grounds between the Hungarian state, which actively supports the consolidation of the sector on both the regulatory and ownership sides, and VIG as a professional partner and majority owner committed to the Hungarian market. The Group's Hungarian interests have achieved excellent financial results in 2022 and in the first half of 2023.
The retention of the 10% minority stake will allow the cooperation to continue along the lines of the ownership objectives jointly developed so far, but also to build on the experience gained, while allowing the state to raise funds to acquire other strategic assets, the ministry added.
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