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Fund linked to Orban ally acquires stake in Hungary's FHB Bank
April 21, 2017 / 2:56 PM / 7 months ago

Fund linked to Orban ally acquires stake in Hungary's FHB Bank

BUDAPEST, April 21 (Reuters) - A unit of Hungarian holding company Konzum, partly-owned by Lorinc Meszaros, an ally of Prime Minister Viktor Orban, has acquired a 5.9 percent stake in local bank FHB, the companies said on Friday.

The deal, part of a broader shake-up of the local banking and savings and loans sector, follows the resignation of FHB chairman Zoltan Speder last October and the sale of his 14 percent stake, after an investigation by the Hungarian authorities into his business interests.

FHB shares were up 8 percent at 574 forints by 1448 GMT. Shares in Konzum were up 10 percent 150 forints, their price having more than doubled over the past two months.

KZF Vagyonkezelo, an asset management company owned by a Konzum investment fund, bought the 6.46 million FHB shares from the Hungarian arm of German insurer Allianz SE in a transaction settled on Wednesday, the companies said in stock exchange filings.

In March Meszaros, who owns a 19.6 percent stake in Konzum, acquired stakes in another listed company, Opimus, which owns the publisher of several Hungarian newspapers. (Reporting by Gergely Szakacs; Editing by Greg Mahlich)

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