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More than three-fourths of Hungarian financial service providers sign code of conduct

The number of financial service providers that have signed a code of conduct that came into force on January 1 has grown to 254, or 78% of all Hungarian lenders, data on the website of financial market regulator PSzÁF show.

Thirteen banks which control more than 90% of Hungary's retail lending market signed the code of conduct on September 16. The first signers of the code were Budapest Bank, CIB Bank, Citibank, Erste Bank, FHB Jelzálogbank, K&H Bank, the Hungarian Development Bank, MKB Bank, Magyar Takarékszövetkezeti Bank, OTP Bank, Raiffeisen Bank, Unicredit Bank and Volksbank.

PSzÁF also published a list of 59 banks who have not signed the code. Among them are three credit institutions: AXA Bank Europe Hungary Branch Office, Bank of China (Hungaria) and Oberbank Hungary Branch Office.

The code of conduct affects information banks provide to borrowers, preparations to be made before loan contracts are signed, management of problem loans, and unilateral changes to contracts and bank fees. Financial market regulator PSzÁF can fine signers who breech the code up to HUF 2 billion. (MTI-Econews)