TakarékBank passes on name, adopts new moniker

Initiatives

Shareholders of TakarékBank, the "central bank" for Hungaryʼs integrated savings cooperatives, have decided to give the bankʼs name to a universal commercial bank that will be formed from the merger of group members by 2020 and adopt a new name: MTB, state news wire MTI reported.

Takarék Group, which comprises twelve savings cooperatives, two regional banks and Takarék Commercial Bank (formerly called FHB Bank), decided late last year to gradually merge into a single universal commercial bank by 2020.

As a first step, Mohácsi Savings Bank, Pannon Savings Bank and B3 Savings Cooperative will merge from May 1, 2019, and take over MTBʼs stock of deposits and loans.

When the merger is completed, TakarékBank will have the largest network of branches in the country.

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