Hungary remains the only European shareholder of the Russian spy bank

Another European country is to withdraw as a shareholder of the International Investment Bank (IIB, Hungarian: Nemzetközi Beruházási Bank, NBB). Bulgaria will cease to be a member of the bank from August, MTI, the Hungarian news agency, reports.

Bulgaria withdraws, Hungary the only European shareholder

The Budapest-based IIB received official notification from Bulgaria on Thursday. The note said that the country will cease to be a shareholder in the bank from 15 August. Slovakia and the Czech Republic have already left the bank, and Romania will do the same on 9 June following aggression against Ukraine. This leaves Hungary as the only European shareholder, 444.hu reports.

At the end of January, 14.46 percent of IIB shares were held by Bulgarians and 8.94 percent by Romanians. Russia is the largest owner of the International Investment Bank with 45.44 percent, 24.hu writes. The country is followed by Hungary with 25.27 percent. Cuba holds 2.83 percent, Mongolia 1.8 percent and Vietnam 1.26 percent.

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Background information

Founded in 1970, the IIB is an international financial institution. Its main activities are to support small and medium-sized enterprises in its member countries and to participate in the financing of socially significant infrastructure projects. The bank, which was revived by Vladimir Putin, announced in 2018 that it would move its headquarters to Budapest. A former counter-intelligence officer said the institute was typically used by the Russian state for intelligence purposes.

According to an earlier statement by the IIB, Hungary is one of the bank’s most active shareholders of the Russian financial institution.

Read alsoBudapest made huge savings in January: but how?

Source: 444.hu, 24.hu