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Price Waterhouse To Set Up Operation in Budapest

November 24, 1988

LONDON (AP) _ Price Waterhouse said Thursday it has become the first international accounting firm to establish operations in the Hungarian capital of Budapest.

Price Waterhouse said it hopes to help Hungary set up the first stock market in an Eastern bloc country, set for 1989.

It also said it has been appointed special business adviser to the Hungarian lighting equipment company Tungsram.

The Price Waterhouse operation in Hungary, widely viewed as the most open of the Eastern bloc economies, is jointly owned, with two major Hungarian banks each holding a 10-percent stake in the venture, Price Waterhouse said. The banks are the Hungarian Foreign Trade Bank and Budapest Bank.

Price Waterhouse said it would advise Tungsram, which makes 5 percent of the world’s light bulbs, on restructuring and raising finance on the world markets.

″The rapidly changing economic climate in Hungary is creating a large demand for accounting and management consulting services,″ said Les Bonnay, who will manage the Budapest office.

″Hungarian managers now have to cope with a variety of pressures as the country moves towards a more open economy,″ Bonnay said. ″We’re here to help them make their companies more efficient, more productive, and most of all more competitive in the international marketplace.″

Since 1987, the Hungarian government has legislated a variety of reforms designed to make the economy more market-driven and to attract more foreign investors.

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