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MNB Fines MBH Bank HUF 87 mln

Banking

The National Bank of Hungary (MNB) has fined MBH Bank HUF 87 million for regulatory shortcomings uncovered in a comprehensive probe, the financial market watchdog said in a release on its website yesterday.

MBH Bank failed to fully comply with rules on enterprise management, risk management, IT security, capital adequacy, risk provisions and data provision.

The shortfalls do not affect the dependable operation of the lender, the MNB said.

The MNB approved the merger of MKB Bank and Takarékbank on April 30, the final step in a three-way tie-up that created Hungary's second-biggest commercial lender.

The lender resulting from the merger started operation under the name MBH Bank.

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