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Budapest Bank merger into MKB Bank cleared

Banking

Wikimedia Commons/Globetrotter19

The National Bank of Hungary (MNB) has cleared the merger of Budapest Bank and Magyar Takarék Bankholding into MKB Bank on March 31, 2022, MKB Bank said on the website of the Budapest Stock Exchange.

The merger is taking place under a merger contract in force from December 15, 2021, MKB said.

The three-way tie-up, first announced in 2020, is set to create Hungary's second-biggest commercial lender.

In a press release, Magyar Bankholding, which is overseeing the fusion, said Budapest Bank will merge with MKB Bank and operate, temporarily, under the name MKB Bank, from March 31, 2022.

The inclusion in the merger of Magyar Takarék Bankholding, a member of Takarék Group, is a "technical measure", it said, adding that Takarék Group will join the merger by May 2023.

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