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Intesa Sanpaolo to increase capital HUF 15.4 bln

Telco

Italian Intesa Sanpaolo, the parent bank of Hungarian CIB Bank, is raising capital at its Hungarian unit, by HUF 15.4 bln, the local lender said on the website of the Budapest Stock Exchange on Wednesday.

The raise will take place with the subscription of a single share with nominal value of HUF 1. CIB Bank said last week it had decided to set aside provisions of HUF 20 bln for the first half of 2014 in connection with recently approved legislation that retroactively voids the use of exchange rate margins for foreign currency-denominated loans.

The legislation requires banks to compensate retail borrowers for using exchange rate margins and for making unilateral changes to contracts. CIB Bank said at the time that it would defend the unilateral changes it made to contracts in court. Compensation that could be paid to clients because of this part of the law were "not known at present", the lender added.

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