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FHB closes acquisition of Allianz Bank
Hungary's FHB Mortgage Bank on Friday said it closed on Thursday the acquisition of Allianz Bank from insurer Allianz Hungaria.

FHB and Allianz Hungária signed the contract on the transaction on July 2 and it was approved by financial market regulator PSzÁF on September 22.

FHB acquired Allianz Bank for 1,829,864 FHB shares — worth about HUF 2.2 billion at market value — and HUF 1.1 billio n in cash. When the parties announced the deal in July, they put the value of the transaction at HUF 3.8 billion.

Allianz Hungária held 12% of FHB shares after the transaction was closed. It agreed to keep the shares for at least three years with restrictions on sales to parties outside of the Allianz group.

FHB and Allianz Hungária also made an exclusive 20-year cross-sales agreement, with no option for withdrawal in the first five years.

FHB and Allianz Hungária have cooperated for almost ten years.

Allianz Bank has 49 branches and 125,000 clients. It had total assets of more than HUF 85.5 billion at the end of August, calculated with Hungarian Accounting Standards. Stock of loans to clients reached HUF 48.2 billion, of which retail loans accounted for almost 71%. The bank's capital adequacy ratio was over 26%.

FHB had consolidated total assets of HUF 829 billion on June 30, according to IFRS. Stock of loans came to HUF 626 billion, of which almost half was retail mortgage loans. The bank's capital adequacy ratio was 10.5%. Return of equity was 11.8% and cost-to-revenue ratio was 47.3% in H1. The transaction raises the number of FHB branches to 70.

Source: MTI-Econews; 20101001
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