Sberbank depositors to be fully compensated In Hungary

Clients of Sberbank will receive the full sum they had deposited at the Russian-owned bank, the deputy governor of the National Bank of Hungary (NBH), Csaba Kandrács, told news channel M1 on Monday.

NBH revoked Sberbank Magyarország’s licence and ordered liquidation proceedings in March after its Austria-based parent failed amid international sanctions against Russia. Details: Russian Sberbank lost license in Hungary

Kandrács said the liquidation authority will contact some 2,500 clients with deposits larger than 100,000 euros in Sberbank accounts in the coming period.

The procedure will start next week, Kandrács said.

Compensations for large depositors will come to a total of 160 billion forints (EUR 382.6m), he added.

In March, Hungary’s National Deposit Insurance Fund (OBA) paid 146.8 billion forints of compensation to 65,158 Sberbank clients with deposits under the 100,000 euro threshold.

Read alsoOnly Hungary remains in the Russian International Investment Bank

Source: MTI