ADVERTISEMENT

Takarék Group to launch universal commercial unit in May

Deals

Hungarian banking group Takarék Group will launch its new universal commercial bank unit Takarékbank on May 6, the group told state news agency MTI on Wednesday.

The new unit will be created through the merger of Mohácsi Takarék Bank, Pannon Takarék Bank and the B3 Takarék savings cooperative. It will take over the corporate and retail accounts, deposit and loan stocks of the groupʼs central bank, Magyar Takarékszövetkezeti Bank (MTB), which will operate under the name MTB in the future.

The remaining 11 savings cooperatives, as well as Takarék Commercial Bank, formerly called FHB Bank, which are part of the group, are planned to merge into the new bank by the end of October.

Takarék Group decided late last year to gradually merge into a single universal commercial bank by 2020, which will have the largest network of branches in the country once the merger is completed.

Takarék Group had consolidated losses of HUF 131 million in 2017. Total assets stood at HUF 2,301.7 bln, including net assets of HUF 88.8 bln at the end of 2017. The group was 54.82% owned by Magyar Takarék and 31.89% by the integration of savings cooperatives at the end of 2017. The groupʼs central bank held 11.49% of the shares and the state-owned Hungarian Development Bank held 1.69%.

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

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.