Hungarian central bank withdraws licence of small savings bank

BUDAPEST, July 4 Fri Jul 4, 2014 11:21am EDT

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BUDAPEST, July 4 (Reuters) - Hungary's central bank has withdrawn the licence of the small savings bank Orgovany es Videke due to serious shortcomings in its operations and has taken control of the bank, the central bank said in a statement on Friday.

Orgovany's share of the Hungarian banking market is less than 0.3 percent.

Its liquid assets will be taken over by Takarekbank Zrt. and deposits will be paid out to its 28,000 clients if they claim their money, the central bank said. The central bank said Hungary's savings bank sector remained stable. (Reporting by Sandor Peto; Editing by Kevin Liffey)

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