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UniCredit to stay in Hungary

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Reacting to an analysis on the Austrian banking sector published by Fitch Ratings, Gianni Franco Papa, Deputy CEO of UniCredit Bank Austria, and head of CEE Banking said in a written statement yesterday that Italy's UniCredit Bank has no intention of leaving Hungary. 

"Our local bank was one of very few profitable banks there till the end of Q3 2014. This is also one of the reasons why UniCredit has no intention to leave Hungary, while the other one is that we expect economic growth in Hungary in 2014 and the following years," Papa said. Fitch Ratings anticipated that the special banking tax and the financial transaction levy equaled 43%, 61% and 29% of the operative profit of Erste Bank, UniCredit and Raiffeisen in the first nine months of this year in Hungary, respectively.

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