Fitch downgrades K&H to 'A' on Hungary's downgrade
The long-term, short-term and support ratings of K&H Bank are based on the potential support available from its 59% shareholder, KBC Bank, rated 'AA-' (AA minus). With total assets of Ft 1,733 billion at end-2004, K&H is the country's second largest banking group with a market share of around 13% in the corporate sector, where the bank has a strong franchise. The bank has operated in its current form since its merger in 2001 with ABN AMRO Magyar Bank, the Hungarian subsidiary of ABN AMRO. ABN AMRO remains a 40% shareholder of K&H Bank.
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