First consolidated report approved by Takarékbank shareholders

Initiatives

Shareholders of Takarékbank, the "central bank" for Hungaryʼs recently integrated savings cooperatives, has approved the first consolidated report of the bank, which showed total assets of HUF 1.8 trillion at the end of last year, at an AGM last Friday, Takarékbank said, according to news agency MTI.

The balance sheet includes Takarékbank, the 113 savings cooperatives involved in the integration and other related companies. The 2015 business plan, which was given to shareholders, reportedly includes the launch of joint products and further developments of an integrated IT system.

Priorities include boosting client numbers, expanding investment services and products and growing the securities portfolio. Last year, Hungarian savings cooperatives continued to focus on SME lending, making use of HUF 50 bln from the National Bank of Hungaryʼs Funding for Growth Scheme, according to Takarékbank. The bank said earlier that its unconsolidated total assets rose two-thirds to HUF 800 bln in 2014.

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