Takarék group launches new universal commercial bank

Initiatives

Takarékbank Zrt., the new universal commercial bank of Hungaryʼs integrated savings cooperatives, launched on Monday with 139 branches in seven of Hungaryʼs 19 counties, as well as the capital, state news agency MTI reported.   

As reported in April, the lender has been created through the merger of Mohácsi Savings Bank, Pannon Savings Bank and the B3 Takarék savings cooperative, uniting more than 140,000 retail and 28,000 corporate clients.

The ratio of agribusinesses among the corporate clients stands close to 10%. Takarékbank also serves 173 local councils.

By the end of October, eleven more savings cooperatives, as well as Takarék Commercial Bank (formerly named FHB Bank), will merge with the new Takarékbank, giving it more than 1 million clients and lifting its total assets over HUF 2.3 trillion. With 750 branches, it will have the countryʼs largest banking network.

The Takarék group, which, in addition to Takarékbank, counts eleven regional savings cooperatives, Magyar Takarékszövetkezeti Bank (MTB) and savings cooperative integrator SZHISZ among its members, has total assets of close to HUF 2.5 tln. Its market share is over 6.5%, making it the fourth-biggest banking group in Hungary.

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