HVB Bank Hungary Zrt announced on Friday it would take over 11,000 retail clients from ING Bank Rt, which is pulling out of the segment in Hungary.
HVB said it aims to expand its share of the retail market, adding that the affected clients would be informed in the next several days. The State Financial Supervisory Authority (PSzÁF) approved on May 12 the transfer of all retail accounts, loans and services from ING to HVB.
HVB had after-tax profit of Ft 19.44 billion in 2005, 8.15% more than a year earlier. It had total assets of Ft 1,035 billion at the end of 2005, 9.6% more than a year earlier. The bank's stock of retail loans grew 5.7% to Ft 163.4 billion during the period, and its stock of retail loans rose 47% to Ft 72.2 billion.