MBH Bank acquires a majority stake in Fundamenta

By: Trademagazin Date: 2023. 11. 10. 09:56

MBH Bank Nyrt. signed a share purchase agreement for the purchase of 76.35 percent of Fundamenta-Lakáskassza Lakás-takarekpénztár Zrt. with the German Bausparkasse Schwäbisch Hall AG, the Austrian Bausparkasse Wüstenrot AG and the German Wüstenrot & Württembergische AG – the financial institution informed MTI on Friday.

The closing of the transaction is expected to take place in the first half of 2024, subject to obtaining the necessary permits, they said. After the closing of the transaction, Fundamenta will continue to operate as a consolidated subsidiary of MBH Bank, but as an independent entity, with its own brand name and company management. Fundamenta’s clients will also have access to MBH Bank’s investment, insurance and credit products.

With the acquisition, MBH Bank will grow with 480,000 customers, HUF 530 billion in loans and HUF 570 billion in deposits, and its market share in retail savings and housing loans will also increase significantly. The financial institution’s products will be available even more widely through Fundamenta’s sales network, they said.