Cetelem Bank fined HUF 4.5 mln

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Magyar Cetelem Bank has been fined HUF 4.5 million by the National Bank of Hungary (MNB) for violating rules of displaying annual percentage rates for loan products, Hungarian news agency MTI reported yesterday.

Following a targeted investigation, the central bank, which also acts as a financial watchdog, found that Cetelem Bank failed to display, or displayed inconspicuously, APRs in consumer loan advertisements, the news agency reported.

The central bank noted that Cetelem Bank had received a fine of HUF 10 mln for similar violations two years ago, however it took into mitigation the many improvements made since in determining the level of the latest fine.

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