MNB tells Hungarian lending group to ‘tread lightly’ in Russia

“Selling subsidiary for less than half its worth would help Russia,” OTP Bank CEO says

Hungarian National Bank
Central Bank of Hungary

Hungary’s central bank has told the country’s largest lender it should implement “several precautionary measures regarding the activities of its Russian subsidiary”.

The Central Bank of Hungary (MNB) wrote to banking group OTP on May 29 to warn of risks connected to “economic sanctions, anti-money laundering and counter-terrorism financing activities”.

The MNB’s letter recommends OTP start reducing the corporate loan portfolio in Russia, maintaining the retail loan portfolio and reducing the

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