"The Company Court has officially registered Webbank, founded to assist borrowers in converting their foreign-currency mortgage loans. The bank is to have Ft 3 billion of capital, 49% of that provided by the state and 51% by private investors. Webbank will have only one branch, but its operations will be based entirely on the internet, to keep operating costs low.Credit Association head Gyorgy Doubravszky first presented the idea of an online bank to assist foreign-currency mortgagors during November talks with the Economy Minister.
Doubravszky expects the government to contribute Ft 1.5 billion, with the rest of the required capital to come from private investors.
He said Webbank will offer loans at lower rates than commercial banks, not only to retail customers but to SMEs in need of financing."
Source: Hungary Around the Clock
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17.01.2012