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Erste Bank Hungary establishes home savings bank

Erste Bank Hungary said it established a home savings bank which it expects to start operating in the second half of the year.

Erste Home Savings Bank was established with registered capital of HUF 2 billion.

At present, just two home savings bank operate in Hungary: Fundamenta Home Savings Bank and Fundamenta-Lakáskassza, each with about 600,000 clients.

Business daily Világgazdaság said in March that Erste Bank as well as insurer CIG Pannónia Biztosító both plan to set up independent home savings banks.