State Parts With 35% Stake in VIG's Hungarian Business
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State-owned Corvinus International Investment has signed a contract on the sale of a 35% stake in the local business of Vienna Insurance Group (VIG) back to its Austrian owner, the Economic Development Ministry said on Tuesday, according to a report by state news wire MTI.
The transaction, which must still be cleared by the National Bank of Hungary (MNB), will reduce Corvinus's stake in the business to 10%.
Corvinus had acquired the 45% stake in VIG's Hungarian business in March 2022.
The ministry said a "harmonic, successful, forward-looking working relationship based on strategic foundations" had been established while the state held the 45% stake. That cooperation can continue "in a more effective framework" with the divestment of the 35% stake, while generating a source of financing the state can use "to acquire other assets of strategic importance", it added.
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