According to the registry of the State Supervision of Financial Institutions (PSZÁF), the last financial service provider that entered the list was Partner Bank of Austria. Currently a total of 77 credit institutions, 94 securities companies and 132 insurance companies and insurance brokerages are included in PSZÁF’s registry list.
Since Hungary’s EU accession, EU-based financial service providers can start service in Hungary without seeking a permit. They only have to report their intention to enter Hungary to their respective market watchdog, which then informs Hungary’s PSZÁF.
Of Hungary-based banks, three have registered themselves as service providers outside Hungary. Hungarian Foreign Trade Bank Rt. (MKB) registered in all EU member states and in Iceland, Norway and Liechtenstein. Budapest Bank Rt. aims to enter Poland and the Czech Republic, to sell investment funds based on the GE Money Bank network. CIB Bank Rt. first plans to enter Slovakia, aiming to participate in financing export of Hungarian goods and services, and then it will register in other EU-member states.
Hungary Attracts A League Of Financial Co’s
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Since Hungary entered the European Union last May, the number of foreign financial companies that registered in the country has reached and exceeded 300 to date.