Is Revolut opening a branch in Hungary?
Hungary’s Minister for the National Economy, Márton Nagy, met with executives from Revolut Bank at his office in Budapest on Thursday, sparking speculation about the topics discussed during the meeting.
Nagy meets Revolut CEO
According to MTI, Márton Nagy held talks with Revolut Bank’s CEO, Joseph Heneghan, Deputy CEO, Vytautas Danta, and Tamás Léder, the managing director of the financial services provider’s Hungarian unit. At the meeting, Nagy emphasised the importance of digitalisation for the future of Hungary’s financial services but underscored that consumers and consumer protection remain the top priorities. He added that the bank is expected to operate in a transparent manner, comply with all regulations, and fulfil its tax obligations. Revolut currently has over 45 million users globally, including 1.5 million in Hungary.
Revolut branch in Hungary
As reported by Mfor, Revolut, with its 1.5 million customers in Hungary, currently operates without a local branch but is considering establishing one. The Hungarian National Bank (MNB) has raised concerns about the difficulties of supervising the service and safeguarding customer interests when it operates solely as a cross-border service. The MNB prefers the establishment of a Hungarian subsidiary rather than a branch, as this would provide greater protection to customers through domestic deposit insurance, rather than relying on Lithuanian coverage.
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Source: MTI