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Savings coops approve five-year strategy

Analysis

A five-year strategy for Hungaryʼs integrated savings cooperatives that stresses digitalization, as well as growth among microbusinesses, SMEs, farmers and young people, was approved on Tuesday, József Vida, the chairman-CEO of Takarékbank, the "central bank" for savings coops, told Hungarian news agency MTI.

The strategy was approved unanimously by stakeholders with more than 99% ownership of savings coops at an extraordinary general meeting of Takarékbank, said Vida.

From January next year, the integration will be based on twelve strong regional savings coops, together with Takarékbank, a central commercial bank and a mortgage bank, the chairman-CEO added, the latter two institutions being FHB Commercial Bank and FHB Mortgage Bank.

Separate units for factoring, leasing, fund management and other supplementary financial services will come under the direction of Takarékbank, he said.

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