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Regulator designates banks to participate in asset repatriation

Financial market regulator PSzÁF has designated ten domestic banks Hungarians may use to repatriate offshore assets under preferential tax terms.

The ten banks are Budapest Bank, CIB Bank, Erste Bank Hungary, FHB Kereskedelmi Bank, Kereskedelmi es Hitelbank (K&H), Magyarországi Volksbank, MKB Bank, OTP Bank, Raiffeisen Bank and UniCredit Bank Hungary.

The banks were selected because of their international connections and country-wide networks, PSzÁF said.

Under legislation approved last year, private individuals may pay a preferential 10% tax on assets from offshore companies repatriated by the end of 2011.