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Intesa Sanpaolo CEO says bank "wants to stay" in Hungary
August 1, 2014 / 1:56 PM / 3 years ago

Intesa Sanpaolo CEO says bank "wants to stay" in Hungary

MILAN, Aug 1 (Reuters) - Intesa Sanpaolo wants to keep its presence in Hungary where it operates through its CIB Bank subsidiary, the chief executive of Italy’s biggest retail bank told an analyst call on Friday.

“This is a country in which we want to stay, ” CEO Carlo Messina said.

Intesa Sanpaolo said last month that new Hungarian legislation requiring banks to compensate borrowers for exchange rate spreads applied on foreign currency loans had a negative impact on its second-quarter net profit of 65 million euros ($87 million).

The bank also said that it could not estimate possible further charges from a law expected to be approved in the second half of 2014 concerning the conversion of retail foreign-currency loans into Hungarian forints.

On Friday, Messina reiterated that he could not say at this stage whether there would be further charges due to new legislation there.($1 = 0.7456 Euros) (Reporting by Silvia Aloisi, editing by Isla Binnie)

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