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Research Detail

2020/06/12 / Erste Group Research

MFB Hungarian Development Bank

The predecessor of MFB was founded in 1991 by its owner, the State of Hungary and started its operation as a bank in 1993, and enjoys outstanding importance for the development of the national economy.

The specialized bank’s core activities include the provision of preferential loans for domestic businesses and private individuals, the fulfilment of development requirements and fund management tasks in relation to the country’s European Union (EU) membership. Moreover, MFB takes a central role within the government´s COVID-19 relief measures.

At YE 2019, the balance sheet grew by 7% to HUF 1,436bn, with the segmental banking business accounting for 75% of Group assets.

Funding is sourced mainly from bond issues, at 60% of financial liabilities of HUF 1,158bn and loans. MFB offers HUF, EUR and USD bonds up to benchmark sizes.
MFB is rated BBB by Fitch and Baa3 by Moody’s with stable outlook by both agencies. Due to the state guarantee, the ratings are equalized with the ratings of Hungary.

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Hungary
Currency in focusEuro, Hungarian Forint
Sector in focus-


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