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Competition Office starts sector review of home savings banks

Hungary's Competition Office (GVH) has started a review of Hungary's home savings bank sector on Monday, GVH chairman Zoltán Nagy said at a press conference on Tuesday.

There are just two home savings banks in Hungary, and their products are very similar, Nagy said. There were no signs of collaboration between the two banks, which is why GVH decided to review the sector, he added. The review is also important because the new government wants home savings banks to play a bigger role in home financing, Nagy said.

Home savings bank Fundamenta-Lakáskassza had total assets of more than HUF 200 billion at the end of 2009, CEO Károly Gergely said in February. OTP Bank's home savings bank, OTP Lakástakarékpénztár, had total assets of HUF 163 billion at the end of 2008, according to the bank's home page. (MTI-Econews)