Raiffeisen to 'optimize' business in Hungary
Austria's Raiffeisen Bank International (RBI) is planning to “optimize” its business in Hungary, Hungarian news agency MTI cited RBI as saying today.
“In Hungary further optimization of the operation will be undertaken," RBI said in an announcement released together with its Q4 earnings report. RBI added that it will sell its businesses in Poland and Slovenia, while also reducing its exposure in the Russian market.
Although it is not clear what their intentions are in Hungary, there are rumors that RBI's Hungarian subsidiary could be bought by ERSTE, rumors which both parties deny.
According to the memorandum of understanding between the government and the European Bank of Reconstruction and Development (EBRD) achieved yesterday, the Hungarian state is not willing to acquire majority share in a privately owned bank, thereby dismissing rumours that Raiffeisen could be bought by the state.
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