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.

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