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AXA Bank continues operations in Hungary as branch

Hungary's AXA Bank, formerly home loan bank ELLA Bank, continued its operations as a branch of AXA Bank Europe from January 1, the bank said on Monday.

Hungarian financial market regulator PSzÁF issued approval on December 4 for the merger of AXA Bank with AXA Bank Europe from January 1, 2009. AXA Bank Europe said earlier it would continue operations in Hungary with a branch as soon as the merger is completed.

AXA Holdings Belgium acquired Hungary' ELLA Bank from its former owner ELLA Holdings, majority-owned by the investment fund Royalton Capital Investors, in 2007. ELLA Bank has been operating under the name AXA Bank since September 2008.

AXA Bank expects to close 2008 with pre-tax profit of HUF 2.3 billion and total assets of HUF 260 billion. It sees its stock of loans rising 42% to HUF 221 billion. (MTI – Econews)