Company of PM Orbán’s son-in-law buys majority shares in Gránit Bank

BDPST Group, the company of István Tiborcz, has signed a share purchase agreement for the purchase of a 57% stake in Gránit Bank Zrt. BDPST Group bought the stake from the E.P.M. consulting firm, the company of Éva Hegedüs, the Chairman and CEO of Gránit Bank.

Founded in 2015, BDPST Group is a dynamically growing capital investment, real estate development, and hotel management company, with the strategic goal of becoming a group of companies with outstanding market performance.

Entering the banking sector

It has long been rumoured in the domestic financial market that István Tiborcz, with his extensive domestic and foreign real estate and tourism portfolio, as well as his holding company, may somehow appear on the financial services market, writes Telex. Although Gránit Bank can be considered a small, niche bank (specialising in a service or field) compared to retail banks,

the entirely Hungarian-owned financial institution is the fastest-growing bank in the domestic banking sector, and it was the first bank in Hungary to adopt a digital business model.

Gránit bank started its activity as a greenfield bank in May 2010. Its balance sheet total has increased 90 times since its foundation, and the number of its customer accounts now exceeds 80,000.

Read also: Can you guess who the wealthiest Hungarian is?

What is changing?

According to the announcement, BDPST Group has signed a share purchase agreement for the purchase of a 57% stake in Gránit Bank Zrt. and has submitted the application for the required financial supervision permit to the Hungarian National Bank to close the transaction. However, it was not disclosed how much BDPST Group paid in the deal.

The transaction does not change the management of Gránit Bank; the bank will still be managed by Éva Hegedüs, the current Chairman and CEO.

“As a committed financial investor, BDPST Group wants to support the business strategy of Gránit Bank in the long run. We want to provide the capital needed for the bank’s further dynamic growth in the form of a capital increase,” writes BDPST Group on its website.

The transaction related to the 57% stake will be carried out by the investor through the sale and purchase of stakes, for the preparation of which agreements with third parties are being set up, and the authorisation procedure of the Hungarian National Bank is in progress.

“The purchase of Gránit Bank meets all the conditions that are important to us since it is a future-oriented investment that has room for both digitalisation and innovation,”

added István Tiborcz.

Source: bdpstgroup.hu, telex.hu