MNB calls on Revolut to open bank subsidiary, not branch
Central bank says firm’s Hungarian customers deserve full deposit protection offered by banking laws
The Central Bank of Hungary (MNB) has called on Revolut to open up a subsidiary bank in the country, rather than a branch.
In a statement posted on its website on October 17, the MNB said the financial technology firm had “continuously delayed” plans to open a branch and that even if it did open one, its Hungarian customers would not be covered by the country’s deposit insurance scheme.
The central bank estimates that Revolut has 1.5 million customers in Hungary, though it said it was currently
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