MNB to merge education foundations

Initiatives

Photo by Jessica Fejos

The National Bank of Hungary (MNB) is merging two of its foundations that support education, the central bank said yesterday, according to Hungarian news agency MTI.

The decision to merge the Pallas Athene Domus Concordiae (PADOC) foundation, which supports secondary and tertiary education and social dialogue in regions outside of the country with large ethnic Hungarian populations, with the Pallas Athene Domus Scientiae (PADS) foundation, which fosters broader financial understanding in Hungary, was taken by the MNBʼs board.

The foundationsʼ tasks will be taken over by the newly established Pallas Athene Domus Educationis (PADE) foundation.

PADS and PADOC each have endowments of a little more than HUF 50 billion.

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