Raiffeisen could leave Hungary

MNB

Raiffeisen CEO announced that the bank may leave Hungary, but has not yet made specific plans to do so, Dow Jones reported today.

Raiffeisen Bank International (RBI) today reported about net losses of €100 mln on its Hungarian business. Losses include including the effect of provisioning because of a recently approved legislation on debtors' relief.

The law requires banks to compensate borrowers who incurred losses due to foreign-exchange fluctuations. RBI booked a €116 mln provision for Hungary and said the compensating scheme could cost the bank between EUR 120mln and EUR 160mln, Hungarian news agency MTI reported earlier.

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