Corvinus International Investment Ltd. is a Hungarian

state-owned State ownership, also called public ownership or government ownership, is the ownership of an industry, asset, property, or enterprise by the national government of a country or state, or a public body representing a community, as opposed to ...

asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

company. It is responsible for the execution of transactions related to company holdings in line with the strategic objectives of economic development and for the preservation and growth of the assets owned by the company. The ownership of the company is exercised by the Ministry for National Economy.

Notable transactions

MBH Bank

In 2015, the Hungarian Government acquired a 100 percent stake of

Budapest Bank Budapest Bank was a commercial bank founded in 1987 with headquarters in Budapest, Hungary. In 1995 the bank was sold to GE Capital, but in 2015 it became again a state owned bank. In 2020 the MKB Bank, the Budapest Bank and the MTB (Takarékba ...

through Corvinus Ltd. In 2020,

MKB Bank MKB Bank, initially Magyar Külkereskedelmi Bank (), was a Hungarian state-owned bank founded in 1950. It was privatized in the mid-1990s, then renationalized in the 2010s. It eventually merged in the early 2020s with Budapest Bank and Takar� ...

, Budapest Bank and MTB (

Takarékbank TakarékBank () was a banking and financial services corporation in Hungary and the central institution for more than 60 co-operative banks and their 1,100 branch offices. In 2023, it merged with MKB Bank to form MBH Bank. Overview Since its ...

) became part of the Hungarian Bankholding Ltd. Through the transaction, Corvinus Ltd. gained a 30.35 percent stake in the banking group. In December 2024, MBH Bank purchased 7 percent worth of own shares from private investors and Corvinus BHG Ltd., a wholly owned subsidiary of Corvinus Ltd., reducing the state’s stake to 20.01 percent.

Erste Bank Hungary

In June 2016, the Hungarian state, represented by Corvinus Ltd., acquired a 15 percent stake in Erste Bank Hungary Zrt. The Hungarian state paid HUF 38.9 billion for the stake. The stake was sold by Corvinus Zrt. to the Austrian parent company Erste Bank AG at the end of 2023 for HUF 87.5 billion.

Hungarian VIG companies

In March 2022, the Austrian

Vienna Insurance Group Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) with its registered office in Vienna, Austria, is one of the largest international insurance groups in Central and Eastern Europe with approximately 25,000 employees. History The hist ...

(VIG) sold its 45 percent stake in two of its Hungarian insurers -

Aegon Aegon Ltd. (stylized as AEGON) is a Dutch public company for life insurance, pensions and asset management. It is headquartered in The Hague, Netherlands and has 26,000 employees as of July 21, 2020. Aegon is listed on the Euronext Amsterdam a ...

and UNION Biztosító - to Corvinus Ltd. In November 2023, VIG repurchased a block of shares representing a 35 percent stake, reducing the Hungarian state's stake to 10 percent.

Posta Biztosító

In April 2023, Corvinus Ltd. acquired 66.9% stake in Hungarian Post Life Insurance Plc. and Hungarian Post Insurance Plc. from Talanx AG. In July 2024, Granit Biztosító, a subsidiary of the Waberer's Group, announced that the company has signed an agreement with Corvinus Ltd. for the acquisition of the stake. he transaction closed in November 2024.

Vodafone Hungary One Hungary (formerly Vodafone Hungary until 1 January 2025) is a Hungarian telecommunications service provider. It started operations in 1999 as a mobile network operator after securing the third GSM 900/1800 MHz licence of the country and ...

On 31 January 2023, Corvinus Ltd. and Antenna Hungária Ltd. acquired Vodafone Hungary from Vodafone Europe BV in a transaction worth HUF 660 billion, with the companies owning 51% and 49% of the shares, respectively.

Yettel Hungary Yettel Hungary (formerly ''Telenor'', ''Pannon'' and ''Pannon GSM'') is the second largest mobile phone operator in Hungary. Yettel Hungary Ltd. was founded as ''Pannon GSM Telecommunications Ltd.'' in 1994. History In November, 1993 Pannon GSM ...

In March 2023, Corvinus Ltd. and Antenna Hungária entered into a share swap transaction, under which Antenna Hungária exchanged its 25 percent stake in the Hungarian subsidiaries of PPF Telecom Group for 19.5 percent of the Vodafone shares held by Corvinus Ltd. The state sold its stake in Yettel Hungary in December 2023 to the Dutch holding company TMT Hungary Holdco B.V., a member of the PPF Group.

Budapest Airport

On June 6, 2024, the government of Hungary announced that Corvinus Ltd. and

Vinci Airports Vinci Airports is a subsidiary of Vinci Group, which develops and operates civil airports. The company develops a network of 65 airports in 12 countries including France, Portugal, Brazil, United States, Cambodia, Japan, Dominican Republic, Chil ...

have purchased Budapest Airport, the operator of

Budapest Liszt Ferenc International Airport Budapest Ferenc Liszt International Airport (, ) , formerly known as Budapest Ferihegy International Airport and commonly denoted as Ferihegy (), is the international airport serving the Hungarian capital city of Budapest. It is the largest of ...

, from its previous owners. Corvinus Ltd. and Vinci, after paying EUR 3.1 billion in cash and assuming a net debt of EUR 1.2 billion, now hold 80% and 20% ownership of the capital's airport, respectively.

References

{{Hungary topics Finance in Hungary Hungarian companies established in 1997 Companies based in Budapest Investment management companies Government-owned companies of Hungary Asset management companies