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Headline: Hungarian banks – Uphill struggle to make profits Source: Euromoney Date: May 2000 Author: Péter Serényi KBC Bank of Belgium and Dutch ABN Amro have not had an easy time in Hungary. After KBC took a strategic stake in Kereskedelmi és Hitelbank (K&H) in 1997, the bank lost Ft8.3 billion ($12.58 billion) in 1999. ABN Amro’s Hungarian subsidiary was in the red by Ft19.8 billion last year despite a $96 million capital injection. The losses hurt. Hungary is strategically important for both banks. |
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