KDB Bank has been fined HUF 29 million by the National Bank of Hungary (MNB) for what it says are a number of shortcomings, according to Hungarian news agency MTI. The central bank has instructed KDB to remedy the irregularities.
After conducting a comprehensive audit of KDB Bank’s operations since the end of 2013, the central bank claimed to have found regulatory shortfalls affecting the accounting, credit check, collateral evaluation and IT systems of the bank, MTI reported.
However financial watchdog MNB ruled that the violations did not harm the interests of clients, and do not endanger the bankʼs operation, MTI added.
KDB Bank, which has been present in Hungary since 1989 and was earlier called Daewoo Bank Magyarország Rt., is 100% owned by the Korean Development Bank, according to the website of the branch.