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Hungary: Merged banks to operate as CIB Bank

Shareholders of CIB Bank Zrt decided that Inter-Europa Bank Zrt would be merged into CIB at the bank’s EGM on Sept 27.

The merged bank will be called CIB Bank Zrt, the company announced on its webpage. The EGM accepted the auditor’s report on the balance sheets and the assets inventories of the two merging companies and the newly formed company. The registered capital of the merged bank will be Ft 47,518 billion (€188.79 million, $267.39 million). All the printed shares of CIB Bank will be dematerialized and the employee shares worth Ft 5.750 billion will be retired and replaced with ordinary shares, the EGM decided. (Gazdasági Rádió, Magyar Hírlap)