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21st March, 2019

IIB rejects “Russian bank” label

The International Investment Bank (IIB) yesterday rejected claims that it is a Trojan horse of the Russian secret service, index reports.

As staff and guests of the bank enjoy diplomatic immunity and may enter or leave Hungary as they wish, concerns have been raised that the bank can easily be used as a cover for intelligence agents.

The IIB, which is relocating its headquarters from Moscow to Budapest, said in a statement that it is an international organisation set up by sovereign countries, and that EU member states hold more than 50% of its shares.

The bank stressed that four of the six members of the board of directors come from EU countries.

It added that moving the headquarters from Moscow to Budapest is a logical step as the bank would like to expand on EU markets.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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