Hungarian branch of Revolut opening postponed, MNB worried

Hungarian clients of fintech company Revolut “deserve a domestic bank”, the National Bank of Hungary (NBH) said on Thursday.

The central bank and financial market regulator pointed to foot-dragging on the launch of a local Revolut branch, but said a branch still wouldn’t be covered by the National Deposit Insurance Fund (OBA).

“A reassuring solution would be for the company to operate with a Hungarian subsidiary…sufficiently capitalised and with a deposit guarantee from OBA,” it said.

The NBH noted that around 1.5m Hungarians had accounts with Revolut — registered as a bank in Lithuania — and that number was set to reach 2m next year.

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