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
The EBRD is supporting the modernisation of transport infrastructure in Serbia with a €150 million sovereign loan to finalise the construction of a new motorway section along the strategic Corridor X.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Romania’s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA).
more »
The Executive Board of the International Monetary Fund (IMF) today approved a three-year, SDR 13.57 million (about US$21.5 million) arrangement under the Poverty Reduction and Growth Facility (PRGF) for the Union of the Comoros.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the second review of Mongolia's economic performance under a program supported by an 18-month Stand-By Arrangement (SBA).
more »
Parex banka has established a subsidiary, SIA NIF (“Nekustamo īpašumu fonds”, or “Real Estate Fund”), which will professionally manage assets that are not related to the Bank’s core business.
more »
In his address at the Lithuanian-Belarusian Business Forum “Belarus and Baltic States: new prospects for cooperation”, Prime Minister Andrius Kubilius has pointed out that Lithuania sees Belarus as creating its future in Europe...
more »
JDRF Employs VoIP and Web-Based Video Collaboration Enabled by Cisco for More Effective Teamwork Among Employees and Constituents.
more »
On 16 September 2009, AB Bank SNORAS group finished the transaction during which it purchased from AB “Invalda” with its own funds 100 per cent of the shares of AB “Finasta įmonių finansai”, managing AB Bank “Finasta”.
more »
Federal Reserve Chairman Ben Bernanke that the worst U.S. recession since the Great Depression was probably over, but the recovery will take time.
more »
Growth expected to return in the second half of 2009. Forecasts are still uncertain but fears of a severe, prolonged recession are fading.
more »