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MNB withdraws license of another savings cooperative

Initiatives

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The National Bank of Hungary (MNB) on Friday said it withdrew the license of Magyar Vidék credit cooperative at the lender's request. A general meeting of the savings cooperative decided in October to wind up without a legal successor. 

Around the same time, Magyar Vidék Credit Cooperative transferred its deposits to a peer. A central bank commissioner will oversee the institution until it is wound up. The MNB has withdrawn licences from five savings cooperatives so far this year.

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