Bank Austria to Close Subsidiaries in Hungary

Politics ♦ Published: September 19, 2013; 18:41 ♦ (Vindobona)

Because of higher costs caused by a tax on financial transaction, which was introduced during the current year, the affiliate of Italian UniCredit intends to downsize operations in Hungary.

Bank Austria to Close Subsidiaries in Hungary / Picture: © Vindobona.org

Bank Austria, which is responsible for CESEE within the UniCredit company, intends to close down its subsidiaries in Hungary and cut jobs. This is caused by the additional costs through the introduction of a tax on financial transactions, which the country has introduced this year. By this the banking institute is burdened with an amount of almost € 23m in additional levies, as…

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Banking Industry, UniCredit, Bank Austria, Italy, Hungary, Erste Group, RBI Raiffeisen Bank International, CESEE, Monetary Policy, Taxation, Labor Market, Labor Market Policy, Downsizing, Equity Markets, Capital Markets
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