SIA-SSB intends to consolidate its international expansion strategy and is increasingly looking to new markets in central-eastern Europe with its high growth potential.
Through its subsidiary GBC (GIRO Bankkàrtya ZRt), the Italian Group wants to create a hub in Budapest to serve the entire Balkan region with services relating to credit and debit cards, payments, capital markets and networks.
This is what emerged during the conference "Do You MiFID", held at the Italian Institute of Culture in Budapest with guests including the Italian Ambassador to Hungary Paolo Guido Spinelli, Vice Governor of Magyar Nemzeti Bank Jùlia Kiràly, Chief Director of the Hungarian Financial Supervisory Authority Csaba Varga, and General Secretary of the Hungarian Banking Association, Rezsỡ Nyers.
"With the 100% acquisition of GBC - commented Renzo Vanetti, Chief Executive Officer of SIA-SSB - we have taken another major step towards the markets of Eastern Europe, to strengthen the Group's presence in the continent and to exploit the opportunities offered by these high-potential markets. Today, as a technology provider at the service of the international financial system, we operate in 27 countries. Our presence in Hungary is part of a wider strategy of European expansion. Indeed, in a sector becoming increasingly competitive due to the convergence of the banking and financial industries, international expansion represents not only an advisable route, but also one that is necessary. Our intention is to ensure that the SIA-SSB Group always holds a leading position at global level".
In Budapest, SIA-SSB and subsidiary GBC illustrated to the Hungarian financial community technology platforms for trading, post-trading and monitoring ahead of the implementation of the MiFID directive in Hungary too.