RBI´s CEO Expects € 60m Losses in Hungary

People ♦ Published: January 26, 2012; 18:38 ♦ (Vindobona)

Herbert Stepic, CEO of Austrian Raiffeisen Bank International, emphasizes to stay in Hungary. The foreign currency debt conversion causes severe losses.

RBI´s CEO Expects € 60m Losses in Hungary / Picture: © Flickr / St. Petersburg International Economic Forum

The coerced conversion of foreign currency loans in Hungary will cause losses ranging from € 55m to € 60m for RBI in Hungary, Stepic states. RBI Hungary had talks with the Hungarian government, now the expected loss may be estimated better. Stepic underlines that RBI has already made provisions.

The crisis in Hungary has to be sat out, RBI´s CEO explains. A withdrawal is not…