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Garantiqa expects 18% volume increase

MNB

Hungarian guarantor Garantiqa, which controls three-fourths of Hungaryʼs surety market, expects its guarantee volume to rise by 18% to HUF 380 bln this year, CEO Éva Búza told Hungarian news agency MTI this morning.

At the end of March, Garantiqa had guarantees worth HUF 319.6 bln, while loans for trade and vehicle repair businesses accounted for 37.5% of the total stock, manufacturing companiesʼ loans for 16% and construction company loans for 14.3%, the CEO said. The guarantees were for an average loan of HUF 12 mln, she added.

Garantiqa signs approximately 27,000 contracts a year, MTI said, adding that approximately 80% are signed with micro businesses. The Hungarian state owns a little more than three-fourths of Garantiqaʼs shares, directly and indirectly, MTI said. A long list of lenders own the remainder, it added.

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