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PSzÁF fines KDB Bank for passing on cost of transactions duty

Hungarian financial market watchdog PSzÁF on Friday said it fined Korean-owned KDB Bank HUF 10 million for passing on the cost of the financial transactions duty to clients with the introduction of a new fee. PSzÁF ordered the bank to cease the activity and refund clients a sum in the tens of millions of forints. Lenders are prohibited from passing on the cost of the financial transactions duty, introduced at the start of this year, to clients. PSzÁF is investigating a number of financial institutions to establish compliance with the rule. In other news  KDB has renamed its unit in Hungary KDB Bank Europa and wants to use it as a base for expansion in the region, the former KDB Bank (Magyarország) told MTI on Thursday. Korea's KDB Bank wants KDB Bank Europa to open branches in Slovakia, the Czech Republic, Austria, Romania, Moldova, Serbia, Croatia, Ukraine, Russia, Macedonia and Greece by 2018. It will open a branch in Bratislava in weeks.