Deals
Hungary’s Orban Vows to Ease Bank Burden After 5-Year Battle
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Hungarian Premier Viktor Orban pledged to start cutting Europe’s highest bank tax from next year as part of an agreement that may signal smoother ties with the industry after five years of tension.
Banking stocks surged as the government agreed to a “substantial reduction” in the bank tax from 2016 through 2019 and committed to “predictable” policies for lenders. The cut in the levy would total 60 billion forint ($221 million) in 2016, Orban said Monday in Budapest.