Parl't votes to phase out savings coops integration framework

Parliament

Image by Shutterstock.com

Lawmakers on Tuesday approved amendments that will gradually phase out the legal framework for an integration of the country's savings cooperatives codified in 2013, according to a report by state news wire MTI.

The amendments were passed in an expedited procedure with a vote of 117 for and 49 against.

The integration of the more than 100 savings cooperatives culminated in the establishment of a universal commercial bank with nationwide coverage, dubbed Takarekbank, to meet the banking needs of the country's smaller settlements.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Fidesz re-elects Orbán head of party Elections

Fidesz re-elects Orbán head of party

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.