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HungaryTrends – The week in business and finance

HungaryTrends – The week in business and finance

See below MTI’s main business and financial news from the previous week:

KONZUM INVESTMENT FUND MANAGER TO ACQUIRE 49 PC STAKE IN MKB BANK

Holding company Konzum said its investment fund manager had reached agreements to acquire a 49 percent stake in MKB Bank, Hungary’s fifth-biggest lender. Konzum announced the deals days after the business magnate Lőrinc Mészáros’s stake in the investment fund manager was boosted to 53 percent. MKB was sold for 37 billion forints (EUR 120m) in a privatisation about a year ago, following a restructuring by the National Bank of Hungary (NBH).

BANKING SECTOR PROFITS FALL IN Q1 AS OPERATING COSTS CLIMB

Hungarian banks’ combined after-tax profit fell by an annual 9 percent to 175 billion forints (EUR 568m) in the first quarter as operating costs jumped, fresh data released by the central bank showed.

 

INDIA’S SONA INAUGURATES EUR 5M PLANT IN HUNGARY

India’s Sona Group inaugurated a 1.5 billion forint (EUR 5m) production hall in Polgar, eastern Hungary. Sona, which makes precision forged parts for the automotive industry, won a 600 million forint government grant for the investment. The production hall is part of a 4.2 billion forint investment programme in the Polgar industrial park that will wind up in 2021, creating 130 jobs, said Sona chairman Sunjay Kapur.

HUNGARY PMI JUMPS TO 62.1 POINTS IN MAY

Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) rose to 62.1 points in May from 56.2 in April, reaching a record high, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said.

HUNGARY TO GRANT LAOS USD 160M IN TIED AID

Foreign Minister Peter Szijjarto announced the launch of 160 million dollars in tied aid to Laos after talks with his Lao counterpart Saleumxay Kommasith in Budapest. Hungary’s biggest tied aid programme to date will involve investments in food safety, water management and information technology.

INVESTMENTS RISE 34.1 PC IN Q1, FROM LOW BASE

Investments in Hungary rose by an annual 34.1 percent in the first quarter, albeit from a low base, the Central Statistical Office (KSH) said.

TAKARÉKBANK, SAVINGS COOPS OFFER HUF 533 PER SHARE FOR FHB

Takarekbank, acting in consortium with a number of savings cooperatives, will offer 533 forints (EUR 2.56) per share — the statutory minimum — in a buyout offer for FHB Bank, FHB said in a disclosure posted on the website of the Budapest Stock Exchange. Takarekbank announced a week earlier that it would make the buyout together with the savings coops.

 

ORBIS TO BUY BUDAPEST HOTEL FOR MORE THAN EUR 42m

Polish hotel company Orbis agreed to buy the Sofitel Budapest Chain Bridge hotel in Budapest for EUR 42,250,000 from Austria’s Universale International Realitaten GmbH. Orbis rents the hotel at present.

HOME LOAN OUTLAYS CLIMB MORE THAN 50 PC IN Q1

Home loan outlays climbed by an annual 52 percent to 125.7 billion forints (EUR 408m) in the first quarter, data released with the National Bank of Hungary “Trends in Lending” report showed. Outlays of consumer loans rose by almost 41 percent to 96.7 billion forints during the period.

Source: MTI

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