KBC again denies K&H Bank exiting Hungary

History

For a second time in two months, Belgium-based KBC Group has officially denied rumors that it will be selling off its Hungary-based K&H Bank business. In an email to the Wall Street Journal, KBC representatives informed that “its stance hasn’t changed” and that a report in Germany-based business news outlet Handesblatt yesterday to the contrary “has no foundation.”

In mid-December, similar speculation arose based on National Bank of Hungary (MNB) governor György Matolcsy’s openly speculation that four of the eight larger bank chains operating in Hungary would be leaving the country within 18 months.

At that time, KBC CEO Hendrik Scheerlinck told media that “K&H is committed to the Hungarian banking market for the long term,” and that the bank would be standing pat in the country for one to two more years.

On Monday, the MKB Bank board of directors announced a HUF 80.2 billion capital increase for its Hungarian operations, while Raiffeisen Bank (RBI) followed suit two days later to infuse some €55 million into RBI Hungary coffers.

ADVERTISEMENT

EBRD Sees Hungary GDP Growth Slowing to 1.5% in 2023 Analysis

EBRD Sees Hungary GDP Growth Slowing to 1.5% in 2023

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.