Revolut Bank should conduct its activities in Hungary as a subsidiary, with a local HQ and capitalisation, the Hungarian central bank (NBH) said on Tuesday, renewing its call on the bank, last made in September, to start the licencing procedure for a local unit.
Currently, Revolut Bank’s several hundred thousand clients in Hungary must turn to the Lithuanian authorities with any legal complaints in Lithuanian or English, the NBH, which is also Hungary’s financial watchdog, noted,
The National Bank added that whereas it supported competition and innovation to improve efficiency and cut costs among market players, these aims must not be allowed to compromise the interests of Hungarian clients.
Featured photo via Revolut’s Facebook page