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Raiffeisen Bank Hungary CEO Heinz Wiedner | source: portfolio.hu

Raiffeisen does not plan to leave Hungary

D&T
September 22, 2014

Exit from Hungary is not on Raiffeisen’s agenda, CEO Heinz Wiedner told business daily Napi Gazdaság in an interview published on Monday. Wiedner pointed out that Raiffeisen Hungary was profitable in every business segment in the first half of the year, but still incurred serious losses due to provisioning forced by the government’s measures related to foreign currency borrowers.

"Our
key objective remains to make our operation profitable again," the CEO
said, adding that, in his view, this could be achieved by 2016 "assuming
everything remains the same as it is now."

In view of
the first instance court rulings in the lawsuits banks filed against the state
over FX loan relief legislation, Wiedner said there is not much reason to be
optimistic. He stressed, however, that their firm conviction is that they had
always been lending in line with current legislation. "We will examine our
available legal options to appeal, including turning to international legal
forums too," he said.

(source: portfolio.hu)

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