Mega Orbán-close bank acquires one of the biggest Hungarian financial institutions

Hungary’s MBH Bank Nyrt. today signed a share purchase agreement with Bausparkasse Schwäbisch Hall AG, the Austrian Bausparkasse Wüstenrot AG and the German Wüstenrot & Württembergische AG to acquire a 76.35% stake in Fundamenta-Lakáskassza Lakás-takarékpénztár Zrt. The transaction is expected to close in the first half of 2024, subject to obtaining the necessary permits.

Following the closing of the transaction, Fundamenta will operate as a consolidated subsidiary of MBH Bank, but as a separate entity with its own brand name and management. At the same time, Fundamenta’s customers can benefit from the stable background of a stable, well-capitalised bank with the largest nationwide branch network and a broad product portfolio, which in the long-run will allow for customers to have access to a range of new investment, insurance and loan products on favourable terms.

This acquisition means significant growth for MBH Bank: with the addition of net 480 thousand customers, HUF 530 billion in loans and HUF 570 billion in deposits, MBH’s share of the retail and residential mortgage markets is growing significantly. In addition, through Fundamenta’s strong distribution network, in the long run MBH Bank’s products will be available through new channels and to even wider audiences. The acquisition of Fundamenta will enable the bank to build a comprehensive real estate lending and savings ecosystem that will further strengthen its market position in areas such as energy efficiency lending and condominium renovations.