FHB Bank: Vienna Capital Partners bought 9.86% stake in FHB Bank

Vienna Capital Partners (VCP), controlled by Austrian investor Heinrich Pecina has purchased a 9.86% stake in FHB Bank. VCP purchased 580,000 FHB shares from the 5.8 m available at the BSE, the maximum amount that is possible without the prior approval of the State Financial Institutions Supervision (PSzÁF). Pecina is speculated to have paid HUF 12bn for the FHB stake.

Our view: According to previous comments of Ferenc Karvalits FHB chairman, the privatisation of the bank could be considered successful if it valued the firm between HUF 120bn and HUF 140bn. This comments value the bank within the range of HUF 1,818 and 2,121 per share versus a market price of 2,035, which means that a possible upside, is nearly priced in.