Takarékbank: Savings coop integration achieved goals
The integration of Hungaryʼs savings cooperatives and the bodies overseeing these have achieved all goals set in the past three years, Takarékbank, the “central bank” for the coops, said in a statement yesterday, according to Hungarian news agency MTI.
Takarékbank was responding to an open letter published by the head of the National Association of Savings Cooperatives (OTSZ) and said it would take legal measures to defend its good reputation.
In the letter, Sándor Demján said the integration had not achieved its goal and that the entire sector had become loss-making.
Takarékbank said the sector has strengthened and its organization made more secure in the past few years. Total assets of the integration have risen from HUF 1.8 trillion in 2014 to around HUF 2.4 tln, making it one of the biggest and safest players on the domestic banking market, it added.
Takarékbank said the integrationʼs pre-tax profit had exceeded HUF 3 billion in 2015 and it dismissed Demjánʼs claim that it had incurred a HUF 2 bln loss last year or that it had generated a profit of HUF 10 bln in any of the previous years.
Takarékbank also denied that its profits had grown by a factor of 16. Takarékbank had after-tax profit of HUF 2 bln in 2014 and HUF 3.2 bln in 2015, it said, adding that FHBʼs earnings had no impact on the sectorʼs results last year.
“The sector has been successfully cleared of abuses during the years under the reign of the OTSZ, of decades of fraudulent failures, and of savings cooperatives that managed their clientsʼ money irresponsibly and in violation of the rules,” Takarékbank said.
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.