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Garantiqa new guarantees up 16.5% in October

Telco

New guarantees undertaken by SME and local-council loan guarantor Garantiqa Hitelgarancia, which is part of the state-owned Hungarian Development Bank (MFB) Group, were up 16.5% in October 2015 from the same month last year, CEO Éva Búza told Hungarian news agency MTI.

Garantiqa held guarantees worth a total of HUF 358 billion at the end of October, up 12% from HUF 320 bln at the end of last year, Garantiqa told MTI.

Búza said Garantiqaʼs guarantee portfolio is expected to reach HUF 380 bln by the end of 2015, through which the company could help other companies access credit worth almost HUF 500 bln.

Garantiqa was founded in 1992 by the Hungarian state, the biggest Hungarian commercial banks, savings cooperatives and a handful of entrepreneur associations to provide guarantees or counter-guarantees to SME loans and leasing or factoring transactions. Currently MFB holds 46.84% of Garantiqa shares. The government directly holds 30.7% and Hungarian financial institutions hold the remaining 22.46%.

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