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MFB approves loans worth Ft 270 bln so far this year

The state-owned Hungarian Development Bank Zrt (MFB) approved loans worth more than Ft 270 billion by early December, the bank's management told a press conference on Monday.

"Never before have Hungarian businesses and municipalities had access to such a large amount of government-subsidized development resources," CEO János Erős said. In addition to its lending, MFB has made investments in companies worth Ft 7 billion, while selling investments worth Ft 6 billion. MFB has drawn in €1.6 billion in resources this year.
MFB expects to close 2006 with total assets of Ft 1,050 billion-Ft 1,060 billion, well over the target of Ft 819 billion. It expects to have pre-tax profit of Ft 10.9 billion, also over the target of Ft 10.1 billion.
The management announced the bank has set up a new unit, called MFB Invest, to manage MFB's development capital portfolio as well as assets formerly managed by property developer National Property Developer and Home Investor Zrt. MFB Invest will also take over some items in the portfolio of Corvinus Zrt, another MFB unit.