OTP Group achieved a better-than-expected consolidated adjusted profit after tax of HUF 162.128 billion in the second quarter, which was 83% higher than in the previous quarter and 26% higher than a year earlier. The analyst consensus for a quarterly consolidated adjusted profit after tax was HUF 136.541 billion, which implied a year-on-year increase of […]
CIB Bank, the Hungarian subsidiary of the several-centuries-old Italian international banking group Intesa Sanpaolo, offers tailor-made solutions and a state-of-the-art digital service portfolio to its clients all over Hungary. As the Chairman and CEO at CIB Bank, Pál Simák notes to Diplomacy&Trade, “centuries of successful operations are only achievable if you stick to universal values […]
OTP Bank is preparing a three-year green bond issue in euro, Global Capital reported. According to the portal, investors were sounded out on Wednesday and Thursday, and the bond is expected to be issued early next week. According to the plans, the bond would not be callable in the first two years of its maturity, […]
In 2021, the digital transformation of the financial sector gained new momentum both at international and domestic level. That is according to the National Bank of Hungary (MNB) in its FinTech and Digitalisation Report on the global and Hungarian FinTech ecosystem and the digital maturity of the domestic banking and insurance sector published for the […]
The Financial Stability Council of the National Bank of Hungary (MNB) has discussed and approved the 2022 Payment Systems Report. The Council found that payment service developments in 2021 returned to pre-pandemic trends, bringing about dynamic development in terms of the further spread of electronic payments. The development of the electronic payment infrastructure in Hungary […]
According to the responses to the Lending Survey conducted by the National Bank of Hungary (MNB), credit conditions and credit demand were broadly unchanged in the corporate credit market in the first quarter of 2022. Looking ahead, around a quarter of the banks plan to tighten lending conditions due to the economic prospects that are […]
The European Investment Bank (EIB), the bank of the European Union, and the National Bank of Hungary (Magyar Nemzeti Bank - MNB), the Hungarian central bank, have signed an agreement to enable the EIB to support the Hungarian economy with more long-term green loans. The operation creates a new source of more affordable financing for […]
Erste Bank Hungary posted a negative result after tax in the first quarter. One of the main reasons for this is that the National Deposit Insurance Fund ordered an extra payment of HUF 7.9 billion due to the liquidation of Sberbank. Erste closed the first quarter with a minus of HUF 908 million, the bank's […]
The European Investment Bank Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), increased its investments in Hungary in 2021 and provided EUR 891 million to the local economy, a record volume of investment in the past five years. The EIB increased the volume of its operations in Hungary for […]
"OTP Group is supporting Ukraine using all means available to us. We are working under wartime conditions to keep the country's financial infrastructure, and thereby the economy as a whole, operational," the Group said in a statement this Friday. In addition to maintaining the operations of the Group's subsidiary in Ukraine, "we are contributing to […]
The Hungarian forint (HUF) weakened in 2021: by 1.3% against the euro (EUR), 9.3% against the American dollar (USD) and 6.0% against the Swiss franc (CHF). On December 31, the forint ended the year at 368.87 forints against the euro and 324.48 forints against the American dollar, while the Swiss franc stood at 355.55 forints. […]
The Hungarian Banking Association says was surprised to learn of the government decision about freezing retail mortgage interest rates for a six-month period from January announced this Wednesday. The Association issued a statement this Thursday stressing that the key role of the banking sector is to provide long-term, predictable and sustainable financing for the economy, […]
Funding from the European Investment Advisory Hub (EIAH) will enable Magyar Fejlesztési Bank (MFB) to support the preparation of investment projects in key sectors, such as information and communication technologies (ICT), the environment and resource efficiency. The European Investment Bank (EIB) — the bank of the European Union — and Magyar Fejlesztési Bank ('Hungarian Development […]
According to data by the National Bank of Hungary (MNB), the number and value of mobile payment transactions more than doubled between the second quarter of 2020 and the second quarter of 2021. The growing popularity of smartwatch payments could further boost the uptake of innovative solutions in Hungary. "We are always very happy to […]
The National Bank of Hungary (MNB) has published the notice setting out the technical conditions of the Green Mortgage Bond Purchase Programme and the Mortgage Bond Rollover Facility and has decided to fine-tune the collateral management framework by improving the conditions of green securities. In July 2021, The Monetary Council reviewed and approved the MNB’s […]
