June 17 (Reuters) – Hungarian mortgage lender FHB Bank FHBK.BU will take over the banking operations of German insurer Allianz (ALVG.DE) in Hungary as part of a long-term cooperation agreement, FHB said in a release on Thursday. “FHB Mortgage Bank Plc. would take over 100 percent of the shares of Allianz Bank Ltd. from Allianz Hungaria Insurance Co. Ltd. in a share exchange deal,” the bank said in a statement posted on the Internet site of the Budapest Stock Exchange. FHB said the companies signed a letter of intent on Wednesday about a 20-year strategic cooperation in which they would sell each other’s products. The deal will swell FHB’s retail network to more than 70 branches.
(Reporting by Marton Dunai; Editing by Michael Shields))