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Several banks set to leave Hungary - central bank director
May 20, 2014 / 8:17 AM / 3 years ago

Several banks set to leave Hungary - central bank director

BUDAPEST, May 20 (Reuters) - Several banks are set to leave Hungary and the number of major lenders in the market is also expected to decline in an ongoing transformation of the sector, central bank Director Marton Nagy said on Tuesday.

Central bank Governor Gyorgy Matolcsy said in December that four major foreign banks could quit Hungary within the next 18 months.

“Consolidation has started, although for now it only means a shifting of market shares, but nobody has any doubt that several banks will leave the country,” Nagy told a banking conference organised by business news website portfolio.hu.

“There may have been statements to the contrary but we still think there will be fewer large banks on the market.” (Reporting by Gergely Szakacs and Marton Dunai; Editing by Andrew Heavens)

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