AXA Bank to scale back activity of Hungarian branch

Pharma

AXA Bank's branch in Hungary will gradually consolidate its client centers in the country because of the impossibility of making outlays on the domestic mortgage lending market and the unfavorable outlook for the mid-term, the branch said on Friday.

The consolidation will start in the middle of March.

In the future, the branch will concentrate on its existing stock of loans and use its resources to support the government's exchange rate-fixing program and collect deposits.

AXA Bank will gradually cease activities at 13 of its client centers in Hungary. From July 1, it will offer to clients two regional centers in Budapest as well as ones in Debrecen, Győr, Pécs and Kecskemét.

AXA Group remains committed to the Hungarian financial market and to its clients for the long term, the branch said.

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