FHB considering regional expansion
Monday, June 20, 2005, 00:00
Hungary's Land Credit and Mortgage Bank (FHB) is considering the possibility of expanding in the region, FHB CEO Daniel Gyuris said yesterday to business daily Napi Gazdaság. The bank is considering entering the Romanian, Russian and Ukrainian markets, Gyuris said. But the expansion will be problematic, considering these countries have no uniform real estate appraisal system, no property registration rules and no established mortgage lending practices. The second phase of the bank's privatization has just started and the board of Hungary's State Privatization and Holding Company (ÁPV) will soon select an advisor to organize the sale of a state-owned 50%-plus-one-vote stake in FHB.