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Aegon NV, the second-largest Dutch insurer, will set up a mortgage banking unit in Hungary, daily Népszabadság reported.
Budapest-based Aegon Hungary Insurance Rt, the Dutch company's Hungarian subsidiary, has applied to Hungary's market regulator for a license to set up the bank. The mortgage bank would start operation in the second half of this year and compete with the Land Credit and Mortgage Bank Rt (FHB), OTP Jelzálogbank Rt and HVB Jelzálogbank Rt, the newspaper said.
Aegon is the second big insurer to start a banking unit in Hungary following Allianz AG, which said it would establish a bank earlier this year.