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Takarékbank receives HUF 100 mln fine

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Hungarian Takarékbank Zrt., which operates as a kind of central bank for Hungary’s integrated savings cooperatives, received a fine of HUF 99 million from the National Bank of Hungary (MNB) following violations the central bank says it found during a probe.

Some of the violations were “serious”, MNB said, and were related to Takarékbank’s financial services. The central bank also found problems in the enterprise management, risk management, IT system and data provision of Takarékbank, according to Hungarian news agency MTI. MNB said the bank also violated rules on credit evaluation and managing clients’ investments, MTI added.

The MNB said the severity of the violations was determined in light of their potential impact on the whole savings cooperative sector.

Takarékbank’s units Banküzlet and Takarék Faktorház were also fined almost HUF 4 mln for shortcomings related to rules on the prevention of money laundering, MTI reported.

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