The Hungarian Privatization and State Holding Company said yesterday that seven investors had expressed interest in the 100% sale of Postabank, the last large-sized state-owned bank to be privatized this year. Besides Erste Bank, OTP, UniCredito, HVB, ING, and Budapest Bank (owned by GE Capital) is reportedly interested in the bank (source: Czech Press Agency).
Indicative bids should be submitted by June 25, and binding bids by September 12.
Postabank's market share has contracted to 4% over the past several years (total assets of EUR 1.63 bil. in 2002). It incurred a net loss of EUR 7 mil. in 2002 and is expected to be loss-making for 2003 as well. However, a new business model is being implemented, under which Postabank is expected to raise the number of points of sales at post offices.
Jan Hájek