According to Portfolio.hu citing Economy Minister György Matolcsy, the Hungarian government plans to set up an internet bank (Webbank) with the intention of assisting foreign currency borrowers and providing corporate clients with funds. The state expects private individuals, businesses, municipalities and expatriates to contribute to raising capital for Webbank. According to the minister, the bank will mostly serve customers online and so should be cost efficient. The economy minister has appointed László Körtvélyessy as state commissioner in charge of tasks related to establishing Webbank by 15 May 2013.
With an unorthodox government policy towards the financial sector, Hungary is leading in statistics for foreign banks deleveraging towards the CEE region. The latest government decisions have prompted institutions to reassess their strategies in Hungary. As yet there are few details concerning establishing a new bank, which would clearly represent competition for OTP’s domestic operations.