Deals
Hungary Raises $265 Million in Sale of OTP Bank Stake
- Hungary sold 5 percent stake in nation's largest lender
- Average price said to be 5,322 forint at 6.1 percent discount
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Hungary’s government raised about 75 billion forint ($265 million) selling a 5 percent stake in OTP Bank Nyrt. at an auction on Thursday, four years after it acquired shares in the country’s largest lender in a takeover of privately managed pension assets.
The state-asset manager MNV Zrt. sold more than 14 million shares, it said in a statement on its website. The average price was 5,322 forint per share, a 6.1 percent discount from Wednesday’s closing price, said two people with knowledge of the auction who asked not to be named as the details aren’t public. Trading in the shares was halted on Thursday for the auction, which was led by the Equilor Befektetesi Zrt. brokerage.