Sberbank not leaving Hungary

MNB

State-owned Russian bank Sberbank denies rumours that it plans to exit Hungary, Austrian economic daily Wirtschaftsblatt said yesterday.

“Although its economic situation is stable, Hungary has a complicated regulatory environment,” Sberbank chairman German Gref said to the Russian press.

The banking sector has got under pressure in recent years, because of slow economic growth and government-mandated taxes.

Sberbank entered the Hungarian market two years ago when it acquired Volksbank’s central and eastern european portfolio for EUR 505 mln. Sberbank’s subsidiaries officially operate in Hungary since 1 November 2013.

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