ADVERTISEMENT

Appeals court rejects CIB leasing unitʼs contract defense

Issues

The Budapest Municipal Court of Appeals on Tuesday upheld a first-instance ruling rejecting a contract defense by the property leasing unit of CIB Bank, Hungarian news agency MTI reported.

Under borrowersʼ relief legislation approved last year, lenders must refund clients for unilateral changes to contracts if they cannot successfully defend the practice in court.

A number of lenders earlier defended such changes to foreign currency-denominated retail loan contracts, but none enjoyed a ruling fully in their favor.

Gránit Bank to Offer Cross-border Services in Romania Banking

Gránit Bank to Offer Cross-border Services in Romania

EC Acknowledges Reforms, Notes Concerns in Rule of Law Repor... EU

EC Acknowledges Reforms, Notes Concerns in Rule of Law Repor...

Budapest Housing Market Grew Spectacularly in H1 Residential

Budapest Housing Market Grew Spectacularly in H1

Hungary's 1st Lipstick Bar Opens in the Heart of Budapest Social

Hungary's 1st Lipstick Bar Opens in the Heart of Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.