Wiener Börse AG, the exchange operating of the Vienna Stock Exchange, today announces it will be acquiring an additional 25.2% stake in the Budapest Stock Exchange, from UniCredit Bank Hungary Zrt.
Subject to the approval of the relevant authorities, Wiener Boerse AG will therefore hold a total share of 37.7% in the Budapest Stock Exchange. The total share held by the Austrian consortium is 68.8% and breaks down as follows: Oesterreichische Kontrollbank AG 12.5%, Raiffeisen Zentralbank Österreich AG 6.4%, Erste Group Bank AG 6.37%, and Erste Befektesi 5.85%.
"We believe in the Hungarian capital market and the acquisition of this stake is an expression of our commitment. In addition, the more simplified structure of the decision makers within the Budapest Stock Exchange will make it possible to implement future activities more swiftly," said Michael Buhl, CEO of the Vienna Stock Exchange and member of the Board of Directors of the Budapest Stock Exchange. At the same time, the CEO of the Vienna Stock Exchange stressed the excellent cooperation within the consortium up to now: "UniCredit Hungary has always been a strong partner and we have worked together very well. I would like to take this opportunity to express my appreciation for the long years of collaboration."
In the past, the Budapest Stock Exchange has launched a number of measures, such as the purchase and integration of the commodity exchange and the foundation of the "IPO incubator", Club of Quotables, which acted to really galvanize the Hungarian capital market. In addition, activities are in planning in order to promote the internationalization of the Budapest Stock Exchange. "We believe that collaboration is very important and are already engaged in talks with some market participants," said Buhl.
As of the end of May, there were 43 companies listed on the Budapest Stock Exchange and market capitalization was EUR 28.45bn. (Source: FESE) The banks that acquired a stake in the Budapest Stock Exchange in May 2004 were a Hungarian-Austrian consortium. Ever since, the two exchanges have worked together very well in the different areas such as data vending, indices and structured products.