The Bank of China has opened its new Central and Eastern European regional center in Budapest. The bank has had a branch office in Budapest since 2003, serving small and medium size enterprises (SME) sector as well as private individuals.

Along with the publishing of its third-quarter earnings report this September, Citigroup also announced its intention to exit its consumer businesses in 11 markets, including Hungary. The sale the units is to be completed in 2015.

Exit from Hungary is not on Raiffeisen’s agenda. CEO Heinz Wiedner told a newspaper that Raiffeisen Hungary was profitable in every business segment in the first half of the year, but still incurred serious losses due to government measures.

Professionals see significant opportunities in the financing of export activities of companies, says István Fetter, the Head of Trade Finance at CIB Bank Hungary. He also explains how his bank is able to provide prefential loans for different firms.

Júlia Király, a former Deputy Governor of the National Bank of Hungary (NBH) will continue her career at KBC Group as member of the Board of Directors, the Belgian bank has announced. In the Board, she is going to replace Professor Dirk Heremans.

The Hungarian Banking Association considers free cash withdrawals just passed by lawmakers unfair and also detrimental on a social level. The new law requires banks to offer ATM withdrawals for free, yet pay tax on the transactions.

The Hungarian Banking Association cannot accept the ultimatum given to financial institutions by the government, because the banks cannot solve the problem of foreign currency mortgages on their own, without a contribution by the state.

Deputy Governor of the National Bank of Hungary (MNB), Júlia Király submitted her resignation on Monday. She also resigns as member of the Monetary Council. She wishes to protest against recent changes at the national bank.

The European Bank for Reconstruction and Development (EBRD) has named Hungary's former central bank Governor András Simor as Vice President for Policy. Reporting directly to the President, he will also be a member of the Bank’s Executive Committee.

On the occasion of this week's Hungary-Latin America Forum in Budapest, Jaime Gornsztejn of the Brazilian Development Bank gave an exclusive interview to Diplomacy & Trade about the business opportunities Brazilian firms look for in Hungary.

Erste Group would not invest resources earmarked for business development in Hungary. It will, however, ensure sufficient capital for capital adequacy and liquidity to its Hungarian unit, Erste Group chairman-CEO Andreas Treichl said.

Hungarian parliament on Monday evening gave the green light to the ruling Fidesz party's scheme to offer holders of foreign currency-denominated mortgages the option to pay off their full loans at preferential rates.

Officers at the Hungarian Banking Association are not yet sure how to interpret Prime Minister Viktor Orbán's Wednesday morning statement that "splitting losses" will be a key priority task this fall, an official at the Association said.

Hungary is set to go ahead with appointing four new external members to the Monetary Council of its central bank, under the new nomination rules passed by parliament, despite stark remarks by the president of the European Central Bank.

The Governor of the National Bank of Hungary (MNB), András Simor has been named ‘Central Bank Governor of the Year for Emerging Europe 2010’ by the Euromoney publication ‘Emerging markets’. He received the award in Washington, D.C. this past week-end.