Budapest Bank racks up HUF 38.7 bln loss on borrowers relief

Deals

Hungary’s Budapest Bank saw an after-tax loss of HUF 38.7 bln last year as the lender made HUF 48.5 bln in provisions for compensation it is required to pay under borrowers relief legislation, chairman-CEO György Zolnai said at a press conference today.

Total assets stood at HUF 895.4 bln at the end of last year, level with a year earlier, Zolnai said.

In December, the Hungarian government signed a preliminary deal to buy Hungary’s eighth largest bank, Budapest Bank, from its 100%-owner General Electric by June 30. The buyer will be Corvinus Nemzetközi Befektetési, while the Hungarian Development Bank (MFB Zrt.) will ensure funding for the acquisition.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

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.