Takarék Group launches new commercial bank in Hungary

(Takarékbank, Public domain)

Russian central bank’s stress tests results are optimistic

Finnish-Estonian-Latvian gas pipeline set for 2020

Hungary

There is a new commercial bank in Hungary — Takarékbank — which merged with Mohácsi Savings Bank, Pannon Savings Bank and B3 Savings Cooperative. The new bank has more than 140,000 retail and 28,000 corporate clients, with 139 branches across the country.

By the end of 2019 Takarékbank will merge with at least eleven cooperative banks. As a result it should have more than a million clients and total assets worth EUR7bn. Its market share will be over 6.5 per cent, making it the fourth biggest banking group in Hungary.

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Russia

The results of the latest Russia’s Central Bank stress tests show growing reliability of country’s financial sector, the Central Bank of Russia (CBR) informed in its annual report.

“Stress tests reveal that readiness of the financial market to counter threats has grown. Adequacy of the total capital of the banking sector was above the regulatory minimum value even in the worst-case scenario (the average oil price drop to USD25 per barrel),” the report says.

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Estonia and Latvia

A gas pipeline — the Balticconnector — linking the Finnish, Estonian and Latvian markets will be launched at the beginning of 2020, Estonian TSO Elering confirmed on Tuesday. The EUR300m pipeline is mostly financed by the European Union and will allow Finland to diversify its gas supplies. Currently, the sole supplier is Russian Gazprom.

Finland, Estonia and Latvia, which will use the pipeline, agreed to form a joint gas market earlier this year. Its volume is approximately 40 terawatt-hours per year.

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What’s up in indexes

BET (of Bucharest) increased from 8392.85 index points Monday, May 6th to 8422.55 index points Tuesday, May 7th. It’s up 0.39 per cent d/d and down 4.82 per cent y/y.

BUX (of Budapest) decreased from 41547.00 index points Monday, May 6th to 41085.00 index points Tuesday, May 7th. It’s down 0.39 per cent d/d and up 9.44 per cent y/y.

OMXR (of Riga) increased from 1028.36 index points Friday, May 3rd to 1031.40 index points Tuesday, May 7th. It’s up 0.30 per cent d/d and down 0.47 per cent y/y.

OMXT (of Tallinn) decreased from 1254.90 index points Monday, May 6th to 1252.79 index points Tuesday, May 7th. It’s down 0.17 per cent d/d and up 0.59 per cent y/y.

OMXV (of Vilnius) increased from 683.31 index points Monday, May 6th to 686.24 index points Tuesday, May 7th. It’s up 0.43 per cent d/d and down 3.11 per cent y/y.

PX (of Prague) decreased from 1064.71 index points Monday, May 6th to 1063.50 index points Tuesday, May 7th. It’s down 0.11 per cent d/d and down 4.11 per cent y/y.

RTS (of Moscow) decreased from 1245.59 index points Monday, May 6th to 1237.86 index points Tuesday, May 7th. It’s down 0.62 per cent d/d and up 7.28 per cent y/y.

SAX (of Bratislava) decreased from 362.95 index points Monday, May 6th to 361.37 index points Tuesday, May 7th. It’s down 0.44 per cent d/d and up 9.29 per cent y/y.

SOFIX (of Sofia) decreased from 571.30 index points Friday, May 3rd to 567.00 index points Tuesday, May 7th. It’s down 0.75 per cent d/d and down 13.17 per cent y/y.

UX (of Kyiv) closed at 1695.50 index points Tuesday, May 7th. It’s the same result as Monday’s. It’s down 6.00 per cent y/y.

WIG20 (of Warsaw) decreased from 2290.13 index points Monday, May 6th to 2233.80 index points Tuesday, May 7th. It’s down 2.46 per cent d/d and up 0.88 per cent y/y.

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