Erste Mortgage Bank cleared for operation
Erste Mortgage Bank was awarded an operating licence by the National Bank of Hungary (MNB) on Thursday, parent Erste Bank Hungary said on Friday, according to Hungarian news agency MTI.
Erste Bank Hungary announced last summer that it would establish its own mortgage bank, after the MNB said it would require lenders to back at least 15% of their net mortgage loans with long-term liabilities. Lenders must comply with the requirement by April 1.
OTP, UniCredit and FHB already have their own mortgage banks.
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