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Takarek Group posted a loss of 12.3 billion forints under Hungarian accounting standards last year despite a general economic upswing and a boom in lending, which has bolstered the profitability of most lenders in Hungary.
Launched in Paris, the 28 founding banks set out a clear purpose for the banking industry itself, and enable investors, policy makers and regulators, clients and civil society to compare banks and hold them accountable for their environmental, social and
After selling all of its active businesses, the bank that was once the world's largest lender to municipalities and governments has been left holding a large pile of outstanding bonds and loans which the management team is now unwinding.
Stephen Engels, the bank's chief financial officer, told CNBC that the bank's strategy was the right one despite strong competition.