Photo: MTI

Finance minister inaugurates HQ of International Investment Bank

The International Investment Bank's (IIB) decision to move its headquarters to Budapest is a boost to Hungary's financial position on international markets, Finance Minister Mihaly Varga said at the inauguration of the IIB's new headquarters in Budapest on Friday.

The IIB has already supported Hungarian companies with more than 150 billion forints (EUR 418.0m), showing that Hungary was right to join the bank in 2015, Varga said.

Hungary owns the second largest share of the IIB, 17 percent, Varga said. While Russia is the largest shareholder, the IIB is an international bank with the majority of its shares in the hands of several countries, he said.

Hungary’s esteem abroad is also boosted by the HQ’s move from Moscow to Budapest, Varga said, noting that the IIB was the only one of five large investment banks in Europe that had their seat in central Europe.

The Hungarian finance ministry said in a statement that the move facilitated the IIB’s seamless integration into the European financial environment. The bank is very successful with profits last year coming close to 7.3 million euros, the statement said.

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