Several banks set to leave Hungary - central bank director

BUDAPEST Tue May 20, 2014 4:14am EDT

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.