ÁKK chief tenders resignation

Telco

István Töröcskei, the CEO of Hungary's Government Debt Management Agency (ÁKK), tendered his resignation yesterday, a few days after the Hungarian central bank and financial market regulator withdrew the licence of his bank (Széchenyi Commercial Bank) and ordered its winding up, a government official said.

The National Bank of Hungary (MNB) withdrew the license from Széchenyi Commercial Bank and ordered the bank to wind up its operations, which it could no longer maintain, MNB reported on Friday. As part of the procedure the bank's investment banking license was also withdrawn.

The state of Hungary learned only after it took a 49% minority stake in the bank in June 2013 that the capital position of Széchenyi Commercial Bank was weaker than earlier thought, the National Economy Ministry said in a statement on Friday evening, adding that the Hungarian government made efforts to make the majority owner mend the situation in vain.

The Hungarian state currently holds 49% of the bank, which had total assets of just under HUF 52 bln at the end of last year.

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