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Savings-cooperative integration lending to SMEs rises 7% yr/yr in Q1-Q3 2012

The 106 members of Hungary's savings-cooperative integration lent 7% more money to SMEs in the first three quarters of 2012 than they did in Q1-Q3 of 2011, Takarékbank told MTI on Thursday.

Takarékbank said that the total stock of stock of loans among members of the savings-cooperative integration still declined 8% in the period. The bank said that the integration's stock of corporate loans, most of which went to SMEs, was HUF 280 billion. SME clientele numbers around 300,000, Takarékbank said.
Takarékbank predicted that lending activity to SMEs could increase further in first half of 2013, expecting demand for the financing of investments backed by funding won at tenders and for short-term loans.
The bank has been a member of the savings-cooperative integration since June 2012. Including Takarékbank, total assets of the integration were HUF 1,746.1 billion at the end of that month.
State-owned Hungarian Development Bank MFB has purchased a 38.46% stake in Takarékbank from Deutsche Zentral Genossenschaftsbank AG (DZ Bank) in November 2012. Savings cooperatives combined hold a majority of the shares.