Competition office fines OTP, Eximbank

Deals

Due to delayed submission of the request for approval for the acquisition of joint control over "Fordulat" Equity Fund, the Hungarian competition office (GVH) has fined OTP Bank and state-owned Magyar Export-Import Bank (Eximbank) HUF 32.85 mln and, at the same time, approved the two banks’ acquisition of joint control over the Fund, which had been under the sole control of OTP Bank, Hungarian news agency MTI reported today.

GVH justified the verdict by stating that although both are financial institutions, they cannot be considered competitors given the differing regulations governing their activities.

GVH levied a HUF 75,000 per day fine, below the legal maximum of HUF 200,000, taking into account that the two banks submitted their request for approval with a 438-day delay but they did so voluntarily and hiding the transaction was clearly not a motive.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.