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Magyarországi Volksbank total assets rise to HUF 544 bln

Magyarországi Volksbank had total asses of about HUF 544 billion at the end of 2011, up from HUF 504 billion twelve months earlier, chairman-CEO László Balázs said in a statement, citing unaudited data.

The bank's stock of loans rose to HUF 406 billion from HUF 385 billion during the same period.

Balázs said about 30% of the bank's clients availed of a government-initiated scheme allowing early repayment of foreign currency-denominated mortgages at discounted exchange rates. He added that the bank racked up a more than €20 million loss because of the scheme.

The bank, recently acquired by Russia's Sberbank, aims to achieve 5% market share in the foreseeable future, Valentin Mihov, Sberbank's director for strategy and development, said in February.