English"Erste Bank" Austria, one of the largest lenders in Eastern Europe, warned the Budapest government that excessive taxation of banks will limit their local investments.
Andreas Treichl, chief executive of "Erste Bank", said, when quoted by Financial Times: "We are angry about excessive bank taxation. This is an unnecessary step. We will find ways to show the Hungarian authorities that they can"t do what they want with us. There are other countries in which we can invest more".
According to Treichl, "Erste" will not withdraw from the Hungarian market, one of the most important for the Austrian bank.
Through its additional levy, the Hungarian government hopes to raise 1 billion dollars this year, the equivalent of 0.7% of the GDP. The analysts of "Citigroup" estimate that the tax will cost "Erste Bank" 44 million Euros a year, or 75% of the bank"s net profit for 2009.
Andreas Treichl also said that he is looking to strengthen Erste"s presence in Eastern Europe.
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