Russian "Spy Bank” IIB Won't Sell Lánchíd Palace in Budapest

  • 17 Jul 2023 10:02 AM
  • Hungary Around the Clock
Russian "Spy Bank” IIB Won't Sell Lánchíd Palace in Budapest
The International Investment bank (IIB) has moved its staff from Budapest to Moscow but does not intend to sell its former headquarters building the Lánchíd Palace, the bank told Menedzsment Fórum.

The 5,500m2 building on the Buda side of the Chain Bridge remains the property of the Russian-backed IIB, which is often labelled by the media as a “spy bank”.

The bank decided to leave in the middle of April, after Hungary announced that it would no longer be a member.

Prime Minister Viktor Orbán indicated on April 13, that Hungary would return its 25.3% stake in the bank. Népszava estimates the value of this stake at more than Ft 74 billion.

US ambassador to Hungary David Pressman announced on April 12 that the IIB and three of its executives, including a Hungarian citizen, had been placed on a US sanctions list.

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