Banking Association fined HUF 4 bln for cartel activity



Hungaryʼs Competition Office (GVH)  fined the Hungarian Banking Association HUF 4 billion and the International Banker Training Center a further HUF 15 million for charges of cartel activity, the competition office announced today, according to Hungarian online daily

The competition office fined the association for a database it operated with the involvement of the training center, allowing banks to share business secrets for a period of twelve years, reported. According to GVH, the database provided too much information, violating both Hungarian and European Union competition rules, reported.

Up-to-date information in the database included information on the market, market trends, the performance of their competitors, their business policies and strategies. Banks used the information to formulate their own business policies, strategies and product development, Hungarian news agency MTI reported, citing the GVH.

The competition office said that direct responsibility is not attributed to the banks using the database, as the Banking Association was the body making the decision to set up and maintain the system, MTI added. Banks using the database had a combined market share of over 80% in Hungary, According to MTI.

According to, if the association is not able or does not want to pay the fine, the following banks could be required to pay the fine: Budapest Bank, CIB, Erste, K&H, MKB, OTP, Raiffeisen, UniCredit, Magnetissimo, Banif, Commerzbank, Quaestor, FHB Kereskedelmi Bank, Gránit, KDB, Cetelem, Takarékbank, Sberbank, Merkantil, Porsche, Sopron Bank, Erste Lakástakarék, FHB Jelzálogbank, Fundamenta, OTP Jelzálogbank, OTP Lakástakarék, UniCredit Jelzálogbank, Axa, BNP, Citibank, Crédit Agricole, Deutsche Bank and ING. 

According to, the GVH, for unlisted reasons, excluded Kinizsi bank, Mohácsi Takarékbank, KELER and state-owned MFB and Exim Bank from the list of banks that could be made responsible for paying the fine.

However, MTI reported today that GVH agreed to a request by the Banking Association allowing it to pay the fine in installments as its membership fees do not cover the total cost of the fine.


Duna House Profit Rise 36% y.o.y. Figures

Duna House Profit Rise 36% y.o.y.

Parl't Approves Amendments to Legislation on Judiciary Parliament

Parl't Approves Amendments to Legislation on Judiciary

Number of Registered Jobseekers Falls Slightly HR

Number of Registered Jobseekers Falls Slightly

Tourism Nights Slightly up in April 2023 Tourism

Tourism Nights Slightly up in April 2023


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.