Magyar Factor becomes affiliated to Erste Group


Erste Bank Hungary Zrt. has purchased 50% of the shares of Magyar Factor Zrt (Hungarian Factoring Co. Ltd), thus becoming a decisive player in Hungary with a 22% market share, Erste Bank told MTI on Thursday.

The acquisition is a result of Erste Bank der oesterreichischen Sparkassen AG having acquired a 88.6% stake in Intermarket Bank AG, the largest factoring bank in Austria, taking over, among others, the 56.2% stake of Polis BRE Bank in Intermarket Bank. As part of the deal, Erste Bank Hungary has obtained a 50% stake in Magyar Factor from the BRE Bank, making Magyar Factor a fully-owned subsidiary of Erste Group.

Magyar Factor will cooperate closely with Erste Faktor Zrt, the bank's own factoring affiliate, founded in 2005 and boasting a 10.3% market share currently.

Reporting close to HUF 90 billion turnover in 2010, Erste Faktor was the fourth largest factoring company in Hungary last year. Magyar Factor was the third-largest player in 2010 with HUF 100.5 billion turnover, representing a market share of 11.4%.

As a result of the transaction, Erste Bank Hungary Zrt. emerges a true factoring specialist in Hungary as the second-largest provider, Erste Bank said.


POPIHN Raises Forecast for Fuel Consumption Energy Trade

POPIHN Raises Forecast for Fuel Consumption

Hungarian Lawmakers Ratify Finland's NATO Accession Parliament

Hungarian Lawmakers Ratify Finland's NATO Accession

Nolato Partners With Happy at Work HR

Nolato Partners With Happy at Work

Sümeg Castle Reopens History

Sümeg Castle Reopens


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.