Central Banking

Hungary central bank buys interbank clearing company Giro

national-bank-of-hungary

The Central Bank of Hungary (CBH) has become the dominant majority shareholder in Giro, an interbank clearing company with a monopoly on settling credit transfers and direct debits, and is aiming to buy out the remaining minor shareholders over the coming two months.

The CBH yesterday said its offer had been accepted by most of Giro's 21 other shareholders, including the country's banks, allowing the central bank to add 78.12% of the company's shares to the 8.09% it already owned, giving the CBH

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