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2nd July, 2020

MKB cancels deal with CIG Pannonia



MKB will cancel its co-operation with insurance company CIG Pannonia at the end of the year, the bank owned by Lorinc Meszaros announced as it filed its six-month notice on Wednesday.

Under the co-operation agreement signed on April 11, 2017, the bank is a sales agent for CIG insurance policies, and agents of the insurance company offer MKB loans to their clients.

The termination of the co-operation affects the insurance company seriously, because 18% of its life insurance policy sales were generated by MKB, its own agents sold 20%, and independent brokers 30%.

The two companies have a joint venture, the fund manager MKB-Pannonia Alapkezelo, in which the bank has a 49% and the insurance company 16% stake. How the new situation affects its operation is not known yet, Portfolio adds. (portfolio.hu)
2nd July, 2020

Electrolux ends freezer production



As previously announced, Electrolux ended production of standalone refrigerator-freezers at its factory in Jaszbereny on June 30, the subsidiary of the Swedish company confirmed on Wednesday.

Electrolux will instead outsource production of this type of appliance.

The shutdown is part of Electrolux’s new strategy announced last year. In the future, the Hungarian subsidiary will produce high-end product groups.

The reorganisation affected 200 employees who, with the exception of 10 people, continue to work in other areas in the Jaszbereny factory.

The production of built-in refrigerators is not affected by the reorganisation, said CEO of the factory and European vice-president of Electrolux Sandor Gonczy.

In line with announced plans, the production of vacuum cleaners in Jaszbereny ends in August, and the entire reorganisation process will be completed by January 31, 2021. (portfolio.hu; napi.hu; hvg.hu)
2nd July, 2020

Masterplast buys recycling company



Masterplast has bought Fidelisbau for Ft 100 million, the construction materials maker announced on Wednesday.

Fidelisbau, a supplier of Masterplast, is able to recycle polystyrene, a major insulation product of the construction material maker.

As a result, Masterplast is launching its Polystyrene Green Programme, making thermo-concrete from the recycled material in the Fidelisbau factory, in Csor, 25km from the Masterplast headquarters in Sarszentmihaly, in Fejer county.

The return on the acquisition is estimated to be seven years but it can be shorter if the planned new waste material regulation comes into force. (portfolio.hu)
2nd July, 2020

BSE turnover drops from spring peak



Turnover on the Budapest Stock Exchange was Ft 655.2 billion in June, down from more than Ft 1 trillion in March, but 85% more than one year earlier, the exchange announced on Wednesday.

Average daily turnover was Ft 15.6 billion in June, higher than the May figure, but below the Ft 18.2 billion average seen in April.

Among brokerages, Wood & Co. retained its leading position with Ft 168.2 billion turnover in June, for a 25.7% market share.

Erste came second with turnover of Ft 159.5 billion, followed by Concorde at Ft 116.6 billion, OTP at Ft 70.3 billion and Random Capital at Ft 46.9 billion. (portfolio.hu)


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