BÉT will use an option to raise its 46.67% stake to 100% in Central Clearing House and Depository Rt. (Keler) buy buying a stake held by the National Bank of Hungary (MNB). BÉT finances the acquisition from a loan. Keler had an own capital of HUF 14 billion at the end of 2004.

At the general meeting, Attila Szalay-Berzeviczy was reelected as BÉT Chairman for another three years, while both the Board of Directors and the Supervisory Board will have six members instead of the current five.

In order to give way for the completion of the merger, BÁT’s general meeting next Monday is expected to approve the deal. The approval is expected for sure because the owners of BÁT are more or less the same as the owners of BÉT. An Austrian investment consortium lead by HVB Bank’s Hungarian subsidiary owns 68.8% of BÉT, while last year HVB bought 75% of BÁT. However, HVB immediately sold 68% of its newly acquired stake to an offshore company, a Hungarian company and a Hungarian individual in an attempt to avoid a compulsory buy-out offer.