May 23, 2017 / 7:41 AM / 6 months ago

Hungarian savings and loans groups to make buyout offer for FHB

BUDAPEST, May 23 (Reuters) - Hungarian savings and loans cooperative Takarekbank Zrt will make a buyout offer for the outstanding shares of mortgage lender FHB Bank, FHB said in a stock exchange filing late on Monday.

The move is the next step in a shake-up of the sector that has seen savings and loans groups increase control over FHB and led to the exit of former FHB Chairman Zoltan Speder in October.

FHB’s biggest shareholders are Takarekbank with a 24.2 percent stake, while two savings and loans cooperatives hold stakes of over 10 percent each. State asset manager MNV owns a 7.3 percent stake.

Earlier this month Moody’s upgraded FHB’s deposit ratings to B2 from B3, citing closer integration of the bank with Hungary’s savings cooperatives sector.

At 0707 GMT, FHB shares were up 5.4 percent at 562 forints on the Budapest Stock Exchange, outperforming the blue chip index, which was flat. (Reporting by Gergely Szakacs; Editing by Susan Fenton)

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