Hungarian banking group Takarék Group will launch its new universal commercial bank unit Takarékbank on May 6, the group told state news agency MTI on Wednesday.
The new unit will be created through the merger of Mohácsi Takarék Bank, Pannon Takarék Bank and the B3 Takarék savings cooperative. It will take over the corporate and retail accounts, deposit and loan stocks of the groupʼs central bank, Magyar Takarékszövetkezeti Bank (MTB), which will operate under the name MTB in the future.
The remaining 11 savings cooperatives, as well as Takarék Commercial Bank, formerly called FHB Bank, which are part of the group, are planned to merge into the new bank by the end of October.
Takarék Group decided late last year to gradually merge into a single universal commercial bank by 2020, which will have the largest network of branches in the country once the merger is completed.
Takarék Group had consolidated losses of HUF 131 million in 2017. Total assets stood at HUF 2,301.7 bln, including net assets of HUF 88.8 bln at the end of 2017. The group was 54.82% owned by Magyar Takarék and 31.89% by the integration of savings cooperatives at the end of 2017. The groupʼs central bank held 11.49% of the shares and the state-owned Hungarian Development Bank held 1.69%.