Budapest HQ of International Investment Bank inaugurated

The International Investment Bank’s (IIB) decision to move its headquarters to Budapest is a boost to Hungary’s financial position on international markets, Finance Minister Mihály Varga said at the inauguration of IIB’s new headquarters in Budapest on Friday.

The IIB has already supported Hungarian companies with more than 150 billion forints (EUR 418.0m), showing that Hungary was right to join the bank in 2015, Varga said.

Hungary owns the second largest share of the IIB, 17 percent, Varga said. While Russia is the largest shareholder, the IIB is an international bank with the majority of its shares in the hands of several countries, he said.

Hungary’s esteem abroad is also boosted by the move, Varga said, noting that the IIB was the only one of five large investment banks in Europe that had their seat in central Europe.

 The Hungarian finance ministry said in a statement that the move facilitated the IIB’s seamless integration into the European financial environment. The bank is very successful with profits last year coming close to 7.3 million euros, the statement said.

Read also‘Significant uncertainty’ for economic outlook, says Hungarian central bank

Foreign minister: Metrans to build logistics base in SW Hungary

German logistics company Metrans is building a new logistics base and container terminal in Zalaegerszeg, West Hungary, Péter Szijjártó, the minister of foreign affairs and trade, said on Friday.

The 15.7 billion forint (EUR 43.7m) investment will be supported by a 3.9 billion government grant, Szijjártó told a press conference.

The base will serve as a hub for trains en route between Adriatic ports in Koper, Rijeka and Trieste and Hungarian, Slovak, Czech and Polish destinations, Szijjártó said.

The investment will create 120 jobs directly and 500 indirectly, Szijjártó said.

Metrans is part of Hamburger Hafen und Logistik AG, the leading logistics and transport corporation in Europe, he said.

Source: MTI