July 20, 2017 / 11:13 AM / 3 months ago

Hungarian government to sell minority stake in Granit Bank

BUDAPEST, July 20 (Reuters) - The Hungarian government plans to sell by the end of the year a 36.5 percent stake in Granit Bank via a public tender, Economy Minister Mihaly Varga said on Thursday.

The rightwing government of Prime Minister Viktor Orban bought a stake in Granit in 2013 as part of its strategy to boost Hungarian ownership in banking, which used to be dominated by big foreign players.

In a statement the Economy Ministry said that Granit Bank will be sold via a two-round tender, and the transaction would be completed by the end of 2017.

The rest of Granit Bank is owned by private investors, including a 24.7 percent stake held by the bank’s chief executive Eva Hegedus and a 10 percent stake held by the pension fund of MKB Bank. Employees hold 14.3 percent of the bank. ($1 = 265.5800 forints) (Reporting by Krisztina Than; Editing by Greg Mahlich)

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