MNB fines Bankmentor HUF 70 mln

MNB

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The National Bank of Hungary (MNB) on Monday said it fined Bankmentor HUF 70 mln for providing unlicensed financial brokerage and mortgage brokerage services and banned the company from continuing these activities with immediate effect, according to a report by state news wire MTI.

The central bank said it revealed in a market oversight procedure that Bankmentor provided "debt settlement" service, acting as a financial intermediary and mortgage broker without a license. 

MNB considered it an aggravating factor that the company conducted these activities for an extended period of time, to thousands of retail customers. It acknowledged that Bankmentor cooperated during the procedure.

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