http://www.bbj.hu/finance/ Complete and independent daily business news from Hungary. en-us bbj@bbj.hu webmaster@bbj.hu PHP RSS Feed Generator 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. http://www.bbj.hu/finance/ec-approves-2009-support-measures-for-hungarian-bank-fhb_62698 2012-02-22T13:35:00+01:00 http://www.bbj.hu/finance/ec-approves-2009-support-measures-for-hungarian-bank-fhb_62698 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. http://www.bbj.hu/finance/fx-mortgage-exchange-rate-limit-scheme-participation-rate-could-reach-90percent_62690 2012-02-22T11:35:00+01:00 http://www.bbj.hu/finance/fx-mortgage-exchange-rate-limit-scheme-participation-rate-could-reach-90percent_62690 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. http://www.bbj.hu/finance/credit-agricole-bank-closes-branch-in-hungary_62671 2012-02-20T10:15:00+01:00 http://www.bbj.hu/finance/credit-agricole-bank-closes-branch-in-hungary_62671 K&H Biztosító closed 2011 with after-tax profit of HUF 1.9 billion, up from HUF 800 million a year earlier. http://www.bbj.hu/finance/k-and-h-insurance-unit-profits-more-than-double-in-2011_62670 2012-02-20T10:10:00+01:00 http://www.bbj.hu/finance/k-and-h-insurance-unit-profits-more-than-double-in-2011_62670 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. http://www.bbj.hu/finance/sberbank-completes-volksbank-acquisition_62654 2012-02-17T13:30:00+01:00 http://www.bbj.hu/finance/sberbank-completes-volksbank-acquisition_62654 Hungarian insurers' combined revenue from premiums was down 2.7% in 2011, Hungarian Insurers Association data show. http://www.bbj.hu/finance/hungary-insurers-premiums-revenue-slips-to-huf-821-billion-in-2011_62652 2012-02-17T12:45:00+01:00 http://www.bbj.hu/finance/hungary-insurers-premiums-revenue-slips-to-huf-821-billion-in-2011_62652 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. http://www.bbj.hu/finance/early-fx-mortgage-repayments-boost-net-household-savings-in-q4_62650 2012-02-17T12:35:00+01:00 http://www.bbj.hu/finance/early-fx-mortgage-repayments-boost-net-household-savings-in-q4_62650 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. http://www.bbj.hu/finance/changes-to-mortgage-bond-issue-system-not-timely_62635 2012-02-16T14:15:00+01:00 http://www.bbj.hu/finance/changes-to-mortgage-bond-issue-system-not-timely_62635 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%. http://www.bbj.hu/finance/mnb-rate-setters-divided-over-january-rate-decision-minutes-show_62628 2012-02-15T16:50:00+01:00 http://www.bbj.hu/finance/mnb-rate-setters-divided-over-january-rate-decision-minutes-show_62628 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. http://www.bbj.hu/finance/mnb-to-offer-2-year-collateralized-loan-mortgage-bond-buyback-to-prop-up-lending_62624 2012-02-15T16:05:00+01:00 http://www.bbj.hu/finance/mnb-to-offer-2-year-collateralized-loan-mortgage-bond-buyback-to-prop-up-lending_62624 Long-time MKB Bank CEO Tamás Erdei is leaving his post; he will be succeeded by MKB's deputy-CEO Pál Simák. http://www.bbj.hu/finance/mkb-bank-ceo-to-step-down_62622 2012-02-15T15:50:00+01:00 http://www.bbj.hu/finance/mkb-bank-ceo-to-step-down_62622 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. http://www.bbj.hu/finance/bux-loses-1percent-on-weak-us-economic-data_62591 2012-01-31T17:40:00+01:00 http://www.bbj.hu/finance/bux-loses-1percent-on-weak-us-economic-data_62591 The Budapest Stock Exchange’s blue-chip BUX index opened Tuesday trade up 0.66% at 19,198.82. http://www.bbj.hu/finance/bux-opens-up-07percent--_62568 2012-01-31T09:20:00+01:00 http://www.bbj.hu/finance/bux-opens-up-07percent--_62568 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. http://www.bbj.hu/finance/bux-loses-11percent-on-greek-debt-worries--_62566 2012-01-30T17:45:00+01:00 http://www.bbj.hu/finance/bux-loses-11percent-on-greek-debt-worries--_62566 Non-resident or foreign investors bought net HUF 1,264.1bn of forint-denominated Hungarian government securities in 2011, investing more than €4.5bn at last year’s average exchange rate, data from the State Debt Management Agency (AKK) show. http://www.bbj.hu/finance/update---foreign-investors-buy-net-eur45bn-worth-hungarian-forint-securities-in-2011--_62565 2012-01-30T17:30:00+01:00 http://www.bbj.hu/finance/update---foreign-investors-buy-net-eur45bn-worth-hungarian-forint-securities-in-2011--_62565 Non-resident or foreign investors bought net HUF 1,264.1bn of forint-denominated Hungarian government securities in 2011, investing more than €4.5bn at last year’s average exchange rate, data from the State Debt Management Agency (AKK) show. http://www.bbj.hu/finance/foreign-investors-buy-net-eur45bn-worth-hungarian-forint-securities-in-2011--_62563 2012-01-30T15:30:00+01:00 http://www.bbj.hu/finance/foreign-investors-buy-net-eur45bn-worth-hungarian-forint-securities-in-2011--_62563 Hungary’s OTP Bank has bought back bonds to a nominal value of €12m of a subordinated bond series due on March 4, 2015 on the secondary market, the bank said on Friday. http://www.bbj.hu/finance/otp-continues-buyback-of-subordinated-bonds-due-in-2015--_62561 2012-01-30T15:30:00+01:00 http://www.bbj.hu/finance/otp-continues-buyback-of-subordinated-bonds-due-in-2015--_62561 The Budapest Stock Exchange’s blue-chip BUX index opened Monday trade down 0.99% at 19,095.43. http://www.bbj.hu/finance/bux-opens-down-1percent_62547 2012-01-30T09:35:00+01:00 http://www.bbj.hu/finance/bux-opens-down-1percent_62547 The Budapest Stock Exchange’s blue-chip BUX index finished Friday trade up 0.76% to its highest close since August 5, 2011 at 19,286.15. http://www.bbj.hu/finance/bux-gains-08percent-closing-at-25-week-high--_62545 2012-01-27T20:25:00+01:00 http://www.bbj.hu/finance/bux-gains-08percent-closing-at-25-week-high--_62545 The Budapest Stock Exchange’s blue-chip BUX index opened Friday trade down 0.31% at 19,082.41. http://www.bbj.hu/finance/bux-opens-down-03percent--_62533 2012-01-27T09:50:00+01:00 http://www.bbj.hu/finance/bux-opens-down-03percent--_62533 The Budapest Stock Exchange’s blue-chip BUX index finished Thursday trade up 2.57% to 19,141.28 as OTP Bank’s gain of over 7% on positive global sentiment stemming from the Federal Reserve’s announcement that it would keep rates at "exceptionally low levels" through 2014 propelled the BSE blue-chip index back above the 19,000 plateau. http://www.bbj.hu/finance/bux-advances-26percent-on-sharp-otp-gain_62532 2012-01-26T18:15:00+01:00 http://www.bbj.hu/finance/bux-advances-26percent-on-sharp-otp-gain_62532 Raiffeisen Bank Group expects an early repayment scheme for foreign currency-denominate mortgages at discounted exchange rates to generate a loss of €55m-60m for its business in Hungary, but plans to make up for the loss "in the foreseeable future", CEO Herbert Stepic said in Thursday’s issue of Austrian business daily Wirtschaftsblatt. http://www.bbj.hu/finance/raiffeisen-bank-to-make-up-for-losses-in-hungary_62524 2012-01-26T14:55:00+01:00 http://www.bbj.hu/finance/raiffeisen-bank-to-make-up-for-losses-in-hungary_62524 Hungary’s savings cooperatives have provided about one-third of the forint loans Hungarian borrowers are using to participate in an early foreign currency-based mortgage repayment scheme, the National Association of Savings Cooperatives (OTSZ) said on Thursday. http://www.bbj.hu/finance/one-third-of-huf-loans-to-cover-fx-repayments-come-from-savings-cooperatives_62523 2012-01-26T14:55:00+01:00 http://www.bbj.hu/finance/one-third-of-huf-loans-to-cover-fx-repayments-come-from-savings-cooperatives_62523 The Budapest Stock Exchange’s blue-chip BUX index opened Thursday trade up 0.39% at 18,733.70. http://www.bbj.hu/finance/bux-opens-up-04percent_62515 2012-01-26T09:25:00+01:00 http://www.bbj.hu/finance/bux-opens-up-04percent_62515 The Budapest Stock Exchange’s blue-chip BUX index closed Tuesday trade down 1.00% to 18,660.85 as concerns that the European Central Bank may be compelled to write down its Greek bond holdings in an effort to restructure the country’s debt weighed on sentiment at bourses throughout Europe. http://www.bbj.hu/finance/bux-loses-1percent-as-greek-debt-concerns-weigh-on-sentiment_62512 2012-01-25T18:50:00+01:00 http://www.bbj.hu/finance/bux-loses-1percent-as-greek-debt-concerns-weigh-on-sentiment_62512 The Budapest Stock Exchange on Wednesday said it added ten new securities to the range of international products quoted on its BETa Market, doubling the offering. http://www.bbj.hu/finance/budapest-bourse-doubles-quotes-on-beta-market_62510 2012-01-25T15:25:00+01:00 http://www.bbj.hu/finance/budapest-bourse-doubles-quotes-on-beta-market_62510 The Budapest Stock Exchange’s blue-chip BUX index opened Wednesday trade up 0.48% at 18,939.55. http://www.bbj.hu/finance/bux-opens-up-05percent_62488 2012-01-25T10:00:00+01:00 http://www.bbj.hu/finance/bux-opens-up-05percent_62488 The Budapest Stock Exchange’s blue-chip BUX index opened Tuesday trade down 0.50% at 18,924.60. http://www.bbj.hu/finance/bux-opens-down-05percent_62461 2012-01-24T09:25:00+01:00 http://www.bbj.hu/finance/bux-opens-down-05percent_62461