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Banking

APV allegedly to modify tender for advisor in sale of majority stake in FHB.

APV allegedly to modify tender for advisor in sale of majority stake in FHB. The tender for advisor in the sale of 50%-plus-one-share stake in Land Credit and Mortgage Bank (FHB) could be modified after the official decision of the government for the privatisation, MTI News Agency reported quoting sources from the finance ministry. We recall that on Oct 24 the State Privatisation and Holding Company (APV) announced a single-round closed tender for advisor, in which five undisclosed entities were invited. According to the requirements of the procedure, the winner was supposed to prepare plans for the sale of the stake to professional or institutional investor along with an option to organise a domestic public share offering. However, government’s official decision stipulates that the stake would be sold only to a strategic investor. According to FinMin’s spokesperson Ferenc Pichler, there are several options including the announcement of entirely new tender for consultant or modification of the current one. Local media speculates that one of the most likely purchasers of the FHB stake is insurer Allianz, which has recently boosted its shareholding in the lender to 8%. The previous Socialist-led government mulled the privatisation still in 2005, but the sale was cancelled just a week after it was announced.

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