RBI Defies Hungary’s Banking Tax

Professional ServicesBanks ♦ Published: September 22, 2011; 14:30 ♦ (Vindobona)

The Austrian bank is not planning to pull out of Hungary. Losses from the conversion of foreign currency loans cannot be estimated yet.

RBI Defies Hungary’s Banking Tax / Picture: © Vindobona.org

Despite the high banking tax and the government’s recent announcement to convert foreign currency loans at the expense of banks, Raiffeisen Bank International (RBI) is not going to withdraw Hungary. “We do not expand into countries just to pull out again at the first sign of adversity”, said Walther Rothensteiner, CEO of Raiffeisen Zentralbank (RZB) and Chairman of the Supervisory…