Hungary's privatization agency, APV Rt. said Thursday that it has invited five of six bidders into the second round for the sale of state-owned retail bank Postabank Rt
Published:
22 July 2003 y., Tuesday
Hungary's privatization agency, APV Rt. said Thursday that it has invited five of six bidders into the second round for the sale of state-owned retail bank Postabank Rt.
The five bidders will have July and August to study the bank's accounts and will be asked to make their final, binding bids in September. The APV declined to name the five bidders.
Based on earlier reports and statements, the six original bidders are General Electric's Budapest Bank; Citigroup's local unit Citibank Rt.; Germany's HVB Group AG ; Austria's Erste Bank AG ; Hungary's OTP Rt. ; and a consortium of U.S. private equity firms Advent International Corp. and Warburg Pincus L.L.C. .
The government plans to provide Postabank's buyer with certain guarantees for pending court cases, some of which are related to the financial scandals and near collapse of the bank in the late 1990s.
Financial consolidation of Postabank cost the government close to $1 billion in 1998.
The cases currently involve around 4 billion forints ($1=HUF236.99), state news agency's Econews service reported, citing the finance ministry.
The state and Postabank will split responsibility for the HUF4 billion evenly, while any amount over HUF4 billion will be paid by the government, finance ministry spokesman Daniel Mate said.
Šaltinis:
Dow Jones
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European cities may still be feeling the pinch of the global recession.
more »
The EBRD Board of Directors has approved a $50 million convertible loan to Petrolinvest to finance the completion of exploration works at the company’s main oilfields.
more »
The European Commission welcomes the adoption today at the United Nations in Geneva of the first international regulation on safety of both fully electric and hybrid cars.
more »
Bloomberg has today announced that Lithuania had the outlook on its credit rating raised by Fitch Ratings after the Government implemented an austerity program to curb the budget deficit.
more »
In January 2010, compared with December 2009, the highest increase in retail trade in the EU-27 Member States was observed in Lithuania.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania will get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and job guidance after Parliament gave the green light on Tuesday.
more »
Some 80% of Europeans continue to travel for their holidays according to a new Eurobarometer survey on ‘The attitudes of Europeans towards tourism 2010’.
more »
The EU's internal market will be under scrutiny Tuesday when a series of reports will be debated by MEPs in Strasbourg.
more »
EU Employment and Social Affairs Ministers today agreed on a new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business.
more »
Over €7.6 million in financial aid for training and self-employment could be available to former workers in German and Lithuanian if MEPs back the measures Tuesday.
more »