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Bank tax cut to help Raiffeisen turn profit in Hungary in 2016
February 12, 2015 / 12:47 PM / 3 years ago

Bank tax cut to help Raiffeisen turn profit in Hungary in 2016

BUDAPEST, Feb 12 (Reuters) - A planned cut in Hungary’s windfall tax on banks will help the local unit of Austrian lender Raiffeisen Bank return to profitability in 2016 after substantial cost cuts this year, its chief executive told Reuters on Thursday.

Prime Minister Viktor Orban, whose government has been squeezing foreign banks since 2010, offered an olive branch to the sector on Monday by promising to cut a huge special tax, and pursue predictable policies.

Heinz Wiedner, Chief Executive of Raiffeisen’s Hungarian unit, said the deal could bring a “major improvement” for banks, starting with a cut in the special bank tax in 2016.

“It will help banks return to profitability, including Raiffeisen,” Wiedner said. (Reporting by Krisztina Than and Marton Dunai)

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