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Banking

Hungary central bank seen defying government pressure to accelerate rate cuts

BUDAPEST, Nov 17 (Reuters) - The National Bank of Hungary is expected to cut its base rate by another 75 basis points to 11.5% (HUINT=ECI) next Tuesday, a Reuters poll showed, with the bank under pressure from Prime Minister Viktor Orban's government to reduce rates more sharply.With the European Union's highest inflation rate declining, from a high of 25% in the first quarter to a lower-than-forecast 9.9% last month, the NBH has cut borrowing costs by a combined 575 bps since May to 12.25% - still the EU's highest benchmark.Hungary...
Banking

EBRD sells 15% stake in Erste Group Bank’s Hungarian unit -director

People walk past the new headquarters of the European Bank for Reconstruction and Development (EBRD) in Canary Wharf, London, Britain, September 14, 2023. REUTERS/Alishia Abodunde/File photo Acquire Licensing RightsMove follows Hungary govt exit from Erste unitGovt raising financing for airport transactionExit 'good news' for sector's stability -EBRDBUDAPEST, Nov 15 (Reuters) - The European Bank for Reconstruction and Development is selling its 15% stake in Erste Group Bank's (ERST.VI) Hungarian unit back to the Austrian group after the Hungarian government's recent exit from the bank, a top EBRD official told Reuters.In...
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