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| FHB to enter into strategic cooperation with Allianz Hungaria Insurance (extraordinary announcement) |
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FHB Mortgage Bank Co. Plc. (registered seat: H-1082 Budapest, Üllői út 48., Hungary; hereinafter: the "Company") in compliance with its obligation pursuant to section 55 of the Act CXX of 2001 on the Capital Markets on the rules relating to extraordinary announcements, hereby notifies its Investors as follows:
As a result of almost 5 months of negotiations initiated in January, FHB Mortgage Bank Co. Plc. has signed a letter of intent on June 16, 2010 with Allianz Hungaria Insurance Co. Ltd. on long term
exclusive strategic cooperation and the change of ownership of Allianz Bank Ltd.
Allianz Hungaria Insurance Co. Ltd. and FHB Group have had an almost 10 year long business
cooperation based on mutual advantages in order to improve the profitability of the Parties through the harmonization of their business activities and the utilization of the potential synergies.
The long term strategic cooperation to be established on the basis of the letter of intent between FHB Group and Allianz Group would include the distribution of both the banking and insurance products and other products currently sold by the two financial groups. The long term cooperation between the two Groups is expected to cover a 20 year period and cannot be terminated before the end of the 5th year.
In the framework of the banking cooperation Allianz Hungaria Insurance Co. Ltd. would sell the
banking, life annuity and real estate investment products of FHB Group, while in case of the insurance cooperation FHB Commercial Bank Ltd. would distribute through its branch network the insurance products, pension, health and investment funds of Allianz Group. Both Allianz Group and FHB Group would sell these products based on an exclusive agreement.
As part of the transaction FHB Mortgage Bank Plc. would take over 100% of the shares of Allianz Bank Ltd. from Allianz Hungaria Insurance Co. Ltd. in a share exchange deal. As a result of the transaction the branch network of FHB Group is expected to exceed 70 branches. The expanded branch network would continue to serve the existing insurance and banking customers of Allianz Group in the future as well.
In the framework of the transaction Allianz Hungaria Insurance Co. Ltd. also declares its intention on keeping a significant shareholding in the Company on the long term.
After further negotiations the Parties expect to sign the final contracts in July 2010.
The parties involved have agreed that they do not disclose further details on the transaction in its
current phase.
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Source: Company; 20100617 |
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© VCP AG 2010
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