Hungary’s first home savings fund might be bought by Orbán’s oligarch friend

Hungary’s first home savings fund, created in 1997, is for sale. It seems the Hungarian prime minister’s close friend, Lőrinc Mészáros, the wealthiest Hungarian, would like to buy it.

According to Telex, the information that Fundamenta is for sale was confirmed by multiple sources. The company has been on the market since spring. Telex wrote that Mergermarket.com, a news outlet specialised in upcoming transactions, also wrote about the purchase option.

The big question is who will buy Fundamenta. Currently, there are three applicants: OTP, Erste, and Lőrinc Mészáros’s MBH megabank. Mr Mészáros is the wealthiest Hungarian who won public procurements and EU applications one after the other. Ten years ago, he was just a businessman, but Orbán’s frienship made him the wealthiest Hungarian. Therefore, many think in Hungary that OTP or Erste have no chance to acquire Fundamenta.

Orbán-close oligarch competes with Erste

According to Telex’s latest information, OTP jumped out of the business after some analysis. MBH and Erste remained, Telex’s sources confirmed. Concerning the advisors, Telex believes Fundamenta’s is Deloitte, Erste’s is Ernst & Young, while MBH’s is PwC.

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Lőrinc Mészáros and his wife:

Some sources said the two companies must finalise their bid until end-September. The home savings sector in Hungary is searching for a place after the government ceased its support program in 2018. Want to read about Hungary’s property market? Click HERE.