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MNB presses for Revolut Bank to operate as local unit

Banking

The National Bank of Hungary (MNB) on Tuesday acknowledged plans by fintech company Revolut to offer cross-border banking services in Hungary through its Lithuanian unit Revolut Bank and said it would urge the lender to do business in the country as a local subsidiary, according to a report by state news wire MTI.

The central bank and financial market watchdog said Revolut Bank's current plans to offer cross-border services in Hungary under the oversight of the Lithuanian banking sector authority, and only later as a branch, may allow clients legal recourse only in Lithuania and only in the Lithuanian or English languages.

"MNB has always supported the strengthening of competition on domestic financial markets as it encourages market players to innovate, make developments, improve efficiency and even cut costs, while offering clients higher-quality, simpler and faster service," MNB said.

"As the Hungarian financial market supervisory authority, MNB would find it more welcome if Revolut Bank would conduct its activities in Hungary as a subsidiary under the oversight of the Hungarian central bank, with a Hungarian headquarters and Hungarian capitalization," it added.

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