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Appelate court rejects appeal of CIB Bank

Issues

The Budapest Municipal Court of Appeals rejected the appeal of CIB Bank, part of the Italian Intesa SanPaolo banking group, against a first-instance ruling in their loan contract defense case today. The ruling is not appealable.

The appeals court also turned down the lender's request to refer the case to the Constitutional Court and to the European Court of Justice.

The lender is one of many to appeal a first-instance ruling rejecting its defense of unilateral changes made to loan contracts.

Legislation approved in the summer requires lenders to compensate clients for such changes unless they can successfully defend the practice in court.

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