KBC again denies K&H Bank exiting Hungary

History

For a second time in two months, Belgium-based KBC Group has officially denied rumors that it will be selling off its Hungary-based K&H Bank business. In an email to the Wall Street Journal, KBC representatives informed that “its stance hasn’t changed” and that a report in Germany-based business news outlet Handesblatt yesterday to the contrary “has no foundation.”

In mid-December, similar speculation arose based on National Bank of Hungary (MNB) governor György Matolcsy’s openly speculation that four of the eight larger bank chains operating in Hungary would be leaving the country within 18 months.

At that time, KBC CEO Hendrik Scheerlinck told media that “K&H is committed to the Hungarian banking market for the long term,” and that the bank would be standing pat in the country for one to two more years.

On Monday, the MKB Bank board of directors announced a HUF 80.2 billion capital increase for its Hungarian operations, while Raiffeisen Bank (RBI) followed suit two days later to infuse some €55 million into RBI Hungary coffers.

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