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Acquisition Requirements for Banks

Background

In order to ensure that banks operate prudently, there are specific requirements that must be met by proposed acquirers and their qualified holdings.

Requirements for Proposed Acquisition and Acquirer

To acquire a qualifying holding in a bank, the following requirements must be met:

• Independence: The acquirer must be free from influences that could jeopardize the bank’s prudent operation.
• Business Reputation: The acquirer must have a good business reputation.
• Leadership and Control: The acquirer must be capable of maintaining reliable and diligent leadership and control of the bank.
• Transparency: The acquirer must have transparency in their business connections and ownership structure to allow for effective supervision by regulatory authorities.

Same Requirements Apply for Increases in Qualifying Holdings

The requirements above also apply when increasing a qualifying holding. If acquiring additional shares would result in reaching or exceeding any of the qualifying holding thresholds (20%, 33%, or 50%), prior consent from the National Bank of Hungary is required before completing the acquisition.

Notification Requirements

In addition to meeting the above requirements, parties involved must also notify the National Bank of Hungary:

• Prior Notification: Two working days before executing the agreement.
• Post-Acquisition Notification: Within three working days after the acquisition is completed.