The Budapest Business Journal on the web

EC approves 2009 support measures for Hungarian bank FHB

Wednesday 01:35, February 22nd, 2012

After an in-depth investigation, the European Commission has approved a 2009 recapitalization of HUF 30 billion and a loan of HUF 120 billion for the Hungarian bank FHB.Read more

FX mortgage exchange rate limit scheme participation rate could reach 90%

Wednesday 11:35, February 22nd, 2012

90% of Hungarian borrowers with foreign currency-denominated mortgages could join a scheme that caps the exchange rates for repayments, Hungarian Banking Association chief secretary said late Monday.Read more

Credit Agricole Bank closes branch in Hungary

Monday 10:15, February 20th, 2012

The French Credit Agricole Bank is closing its branch in Hungary, the bank's press department in Paris announced on Monday. According to information by Napi Gazdaság, a Russian financial group is eyeing Credit Agricole's branch in Hungary.Read more

K&H insurance unit profits more than double in 2011

Monday 10:10, February 20th, 2012

K&H Biztosító closed 2011 with after-tax profit of HUF 1.9 billion, up from HUF 800 million a year earlier.Read more

Sberbank completes Volksbank acquisition

Friday 01:30, February 17th, 2012

Russian Sberbank aspires to be Hungary’s leading retail bank, the new owner said at a press conference today in Budapest where the completion of the 100%/ acquisition of Volksbank International AG was announced.Read more

Hungary insurers' premiums revenue slips to HUF 821 billion in 2011

Friday 12:45, February 17th, 2012

Hungarian insurers' combined revenue from premiums was down 2.7% in 2011, Hungarian Insurers Association data show.Read more

Early FX mortgage repayments boost net household savings in Q4

Friday 12:35, February 17th, 2012

The net financing capacity of households was 7.7% of the GDP in Q4, boosted by the early repayment scheme, fresh data from MNB reveal.Read more

Changes to mortgage bond issue system not timely

Thursday 02:15, February 16th, 2012

The new mortgege bond purchase program to be launched by the National Bank of Hungary would be untimely, because of projections for low demand for credit and declining lending activity, OTP executive says.Read more

MNB rate-setters divided over January rate decision, minutes show

Wednesday 04:50, February 15th, 2012

MNB's Monetary Council voted to raise the bank's key rate by 50bp to 7.5%, while the external members voted to keep the rate on hold at a meeting on January 24. Key rate remained at 7%.Read more

MNB to offer 2-year collateralized loan, mortgage bond buyback to prop up lending

Wednesday 04:05, February 15th, 2012

The National Bank of Hungary (MNB) would offer banks two-year collateralized loans, will accept more securities as collateral and will launch a new universal mortgage bond purchase scheme.Read more

MKB Bank CEO to step down

Wednesday 03:50, February 15th, 2012

Long-time MKB Bank CEO Tamás Erdei is leaving his post; he will be succeeded by MKB's deputy-CEO Pál Simák.Read more

BUX loses 1% on weak US economic data

Tuesday 05:40, January 31st, 2012

The Budapest Stock Exchange’s blue-chip BUX index closed Tuesday trade down 0.95% to 18,891.07 as the publication of disappointing US manufacturing and consumer-confidence data weighed on sentiment among BSE investors.Read more

BUX opens up 0.7%

Tuesday 09:20, January 31st, 2012

The Budapest Stock Exchange’s blue-chip BUX index opened Tuesday trade up 0.66% at 19,198.82.Read more

BUX loses 1.1% on Greek debt worries

Monday 05:45, January 30th, 2012

The Budapest Stock Exchange’s BUX index closed Monday trade down 1.11% to 19,072.77, declining with blue-chip indices throughout Europe as investors worried that the European Union’s debt summit would fail to produce measures necessary to significantly relieve Greece’s debt crisis.Read more