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Erste Bank Hungary acknowledges PSzÁF penalty

Erste Bank Hungary on Friday acknowledged a 3 million fine by market regulator PSzÁF and said it had taken measures to prevent similar mistakes from happening in future. State secretary of the Prime Minister's Office János Lázár told MTI on Thursday that PSzÁF had fined Erste Bank Hungary for trying to bully the local council of Hódmezővásárhely into accepting unfavorable changes to account management conditions. Erste Bank took steps that were “inappropriate, unfair and in violation of the law” with the aim of getting the local council to accept unfavorable changes to the way the bank manages its account, Lázár said. Lázár was earlier the mayor of Hodmezővásárhely.