Intesa Sanpaolo Banking Group Remains Faithful To Hungary By Restructuring CIB Bank
- 17 Dec 2013 8:00 AM
The Italian Intesa Sanpaolo banking group stays committed to Hungary, despite its loss-making local subsidiary CIB Bank. Intesa, in a recent interview with Dow Jones news agency, said that it would continue to restructure CIB Bank until it becomes profitable again: “The reorganization has begun and will continue according to the changing market conditions and customer needs.”
Dow Jones also drew attention to the fact that Hungarian banks have been facing some difficulties for several years now, mainly due to the economic crisis and the recently imposed high bank taxes.
Intesa Group CEO Carlo Messina said that they would like to continue growing in all countries where they are present, including Hungary. “After the careful restructuring of CIB, Hungary could be an important factor of Intesa’s overall outcome,” Messina added.
CIB Bank Hungary closed last year with a HUF 151.8 billion loss and started this year with a HUF 57.7 billion loss. Intesa first compensated this last year with HUF 101.7 billion worth of capital and then injected a further HUF 36.5 billion earlier this year
Source: ORIGO
Translated by Tímea Klincsek for XpatLoop.com
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