MNB fines Sberbank HUF 41 mln

Banking

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The National Bank of Hungary (MNB) yesterday said it fined Sberbank HUF 41 million for regulatory violations in a release on its website.

In a probe, the central bank and financial market watchdog said it found shortfalls related to rules on risk management, corporate governance, impairment and capital requirement calculations, deposit insurance, data provision, and IT systems.

The number of shortcomings was an aggravating factor in the calculation of the fine, but Sberbank's cooperation and remedial efforts were mitigating factors, the MNB said. The violations do not impact the bank's reliable operation, it added.

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