The domestic fintech sector in Hungary has continued to grow, with the number of active fintechs increasing to 175 in 2022, employing nearly 9,000 people, with a significant increase in revenue and improved profitability, according to the Fintech and Digitalization Report by the National Bank of Hungary (MNB). The sector appears to be entering a […]

After a slowdown last year, the growth of assets under management at domestic private banking service providers has picked up again this year, exceeding HUF 8,600 billion by the end of June. However, the growth of customer accounts does not show such a positive picture. Domestic providers remain pessimistic about the risks to private banking […]

All over the world, tax havens are causing massive losses to countries' budgets. The tax avoidance practices of corporations are costing USD hundreds of billions in lost revenue, but the flight of individuals' offshore assets is also causing massive losses. Hungary is a tax haven for companies, but the wealthiest have saved nearly 5% of […]

At its meeting on 25 July 2023, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and decided to leave unchanged the central bank base rate at 13% with effect from July 26, 2023. MNB’s primary objective is to achieve and maintain price stability. Without prejudice to […]

The monthly repayments are the main factor that Hungarians look at when considering whether to take out a loan to finance their plans. And for those who have been granted a loan by a financial institution in the past year, the total cost of the loan and how easy it was to borrow are the […]

Assets under management in investment funds increased by 7.9% to HUF 11,351 billion in June, the Hungarian Association of Investment Fund Managers and Asset Managers (Bamosz) told MTI on Friday. Money market funds received HUF 115 billion in capital, which is a large amount compared to the net asset value, and accordingly, the assets of […]

Start Garancia Plc. closed an outstanding financial year in 2022: its profit after tax increased to HUF 2.33 billion from HUF 452 million in 2021, while commission and fee income rose from nearly HUF 300 million to about HUF 3 billion, the company told MTI on Thursday. According to the statement, in order to ensure […]

In the first quarter of this year, members of the Hungarian Venture Capital and Private Equity Association (HVCA) invested a total of HUF 3.5 billion in 25 Hungarian companies in 25 transactions, compared to HUF 8.1 billion invested in 31 companies in the same period last year, the association told MTI on Monday. According to […]

A quarter of Hungarians have no money left at the end of the month, and a quarter of the population are unable to save throughout the year. The financial situation of the Hungarian population has deteriorated slightly over the past year, according to a representative survey of 500 people by age, gender and region conducted […]

For the eighteenth time, the ‘Mastercard – Bank of the Year’ competition is looking for the most outstanding financial service providers. This year, the performance of financial institutions will be measured in seven categories and a grand prize winner will be selected, the global payment technology company told MTI. They stressed that in addition to […]

OTP Bank Plc. has announced on the website of the Budapest Stock Exchange that based on the share sale and purchase agreement concluded on December 12, 2022 between OTP Bank and the Ministry of Economy and Finance of the Republic of Uzbekistan the first step of the transaction was completed on June 13, 2023. Consequently, […]

Backed by the Social Investment and Skills window of the InvestEU program, the European Investment Fund (EIF) has signed a guarantee agreement for EUR 53 million with Erste Group that is expected to unlock more than EUR 66 million for social entrepreneurs operating in Austria, the Czech Republic, Hungary, Romania and Slovakia. The transaction should […]

Hungary’s OTP Group posted a better-than-expected consolidated profit after tax of HUF 194.7 billion in the first quarter, compared to a profit of HUF 115.1 billion in the previous quarter and a loss of HUF 33.4 billion a year earlier. OTP Bank Plc. announced on the Budapest Stock Exchange (BSE) website on Wednesday that the […]

In the first quarter of the year, Erste Bank posted a profit after tax of HUF 6.3 billion, compared to a loss of HUF 1 billion a year earlier. The extra profit tax, the interest rate freeze and the extra payment due to the Sberbank bankruptcy amounted to HUF 38 billion, which together resulted in […]

China Construction Bank (CCB), the world's second largest credit institution by assets, has opened a branch in Hungary, it was announced at the opening ceremony in Budapest. Minister of Economic Development Márton Nagy said he hoped CCB's presence would open up space for further development. He believes that China will be a major player in […]