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Watchdog Clears Final Step of Magyar Bankholding Tie-up

Banking

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) has approved the merger of MKB Bank and Takarékbank, set to take place on April 30, the final step in a three-way tie-up that will create Hungary's second-biggest commercial lender, Magyar Bankholding said on Tuesday, according to a report by state news wire MTI.

The lender resulting from the merger will operate under the name MBH Bank. It will have total assets of close to HUF 11 trillion, over 1.5 million retail clients, and 300,000 corporate clients.

In the penultimate step of the tie-up, in the spring of 2022, Budapest Bank merged into MKB Bank. The consolidation was first announced in 2020.

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