Russian bank IIB buys Lánchíd Palota building for Budapest HQ

The Budapest-based International Investment Bank (IIB) on Wednesday said it acquired the landmark Lánchíd Palota (Palace) building, next to the Chain Bridge, for its headquarters.

The Lánchíd Palota is on the UNESCO World Heritage Site list. From 1870 the ownership was owned by the Hungarian State Treasury.

IIB said it acquired the building from DOB-68, without disclosing the purchase price.

“We are very proud to have an opportunity to locate IIB headquarters in such a historic building of the Hungarian capital,” said IIB chairman Nikolay Kosov.

“IIB will undertake every required effort to carefully preserve and maintain this unique architectural monument,” he added.

IIB recently relocated from Moscow to Budapest. 

Hungary is the second-biggest stakeholder in IIB, after Russia, with a 17.2pc share of the lender’s paid-in capital.

• Agreement on International Investment Bank Budapest headquarters signed

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Source: MTI