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CIG Pannonia has deposits in Széchenyi Bank

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The general insurance unit of CIG Pannonia Life Insurance has approximately HUF 170 mln in deposits at the troubled Széchenyi Commercial Bank, whose operating license was withdrawn by Hungary’s central bank, the insurance company announced late yesterday.

The deposits at the bank are expected not to affect the adequacy of the unit's warranty capital, and Hungary's National Deposit Insurance Fund is paying compensation to depositors up to HUF 30 mln, CIG Pannonia added.

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