Companies Borrow Net HUF 411 bln in January

Banking

Non-financial companies borrowed net HUF 411 billion from local lenders in January, a new record, news agency MTI reports, citing monthly data released by the National Bank of Hungary (MNB) on Friday.

The borrowing was well over the HUF 173 bln monthly net loans companies signed for on average in the second half of 2022. 

Listed IT company 4iG announced in January that its unit Antenna Hungaria entered into a loan agreement with the Hungarian Development Bank (MFB) and other lenders on credit to finance the acquisition of a 51% stake in Vodafone Hungary. The acquisition of Vodafone Hungary was closed, for a consideration of HUF 660 bln, at the end of January.

Corporate lending stock, including subscriptions of corporate bonds, stood at HUF 13.54 trillion at the end of the month, MNB data show.

Companies made net withdrawals of HUF 102 bln in January, putting HUF 434 bln into their FX accounts but taking out HUF 536 bln from forint accounts. Corporate deposit stock came to HUF 14.958 tln at the end of the month.

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