HungaryTrends – The previous week in business and finance

See below main business and financial news from the previous week:

SOLD! – Hungarian historic hotel to become a luxury resort

Danubius Hotels Group has concluded an agreement with the Hungarian real estate investor Indotek Group for the sale of Hotel Gellért – written in the hotel group’s announcement. Read more HERE.

Hungary to set up port, logistics base in Trieste

Hungary will set up a port and a logistics base in Trieste with a view to facilitating and speeding up the shipping of Hungarian goods overseas, details HERE.

NBH, AKK INTERVENE TO EASE BANKING SECTOR LIQUIDITY SQUEEZE

The National Bank of Hungary (NBH) and the Government Debt Management Agency (AKK) took extraordinary measures to ease a temporary drop in banking sector liquidity after households liquidated investments and tapped their savings to buy the new Hungarian Government Securities Plus bond, a security for retail investors which pays an annualised yield of 4.95 percent if held for the full five-year maturity. In the first week after its launch, retail investors subscribed 529 billion forints (EUR 1.63m) of the Plus bond, a record amount.

BANKING ASSOC REQUESTS EXTENSION OF ACCOUNT ID COMPLIANCE DEADLINE

The head of the Hungarian Banking Association said lenders would request an extension of the deadline for complying with stricter rules on identifying account ownership. Levente Kovacs said banks would ask for the deadline to be changed to September 30 form July 26.