A new Hungarian megabank to be established

A new Hungarian bank is formed with the fusion of MKB Bank Nyrt. and Takarékbank Zrt.

The Hungarian National Bank (Magyar Nemzeti Bank – MNB) has approved the final step of the merger plan set out by Hungarian Bankholding (Magyar Bankholding), reports index.hu. This means that Takarékbank Zrt. will be merged into MKB Bank Nyrt. on 30 April 2023, as planned. The new megabank will continue to operate under the name MBH Bank Nyrt.

Hungary’s second-largest bank

After the merger, the bank will become the second-largest financial institution in Hungary, overtaking OTP Bank. The new megabank will have a balance sheet total of nearly HUF 11 thousand billion (approx. EUR 28.5 billion).

Magyar Bankholding is already working hard to prepare for the merger of the two banks. They are currently working on developing and merging their IT systems. This was announced by Ádám Egerszegi, Hungarian Bankholding’s Deputy CEO for Transformation and Operations. According to him, the bank merger, which will be completed within months, is unprecedented in the region.

[…] We have numerous colleagues working to ensure that from May, customers will experience the benefits of an integrated and cutting-edge major bank, offering a unified product portfolio and an even more modern national branch network, with an enhanced technological basis,

he said.

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The image of the former banks will only be gradually transformed into the new bank’s image in a series of steps. In order to ensure that customers do not miss out on the most important changes affecting them, Hungarian Bankholding Group will soon launch an information campaign. Customers will be able to find information through a number of channels. They will receive all the information related to the merger, including account statements, e-mails, the websites of the member banks and Social Media.

Market-leading banks

The member banks of the Hungarian Bankholding Group are already market leaders in a number of sectors. This includes the corporate segment (lending to micro, small and medium-sized enterprises), the agri-food industry and the leasing market.

With the largest branch network in the country, the banking group has more than 1.5 million retail and 300,000 corporate customers. It also employs nearly 10,000 people. Its balance sheet total exceeds HUF 10,940 billion (approx. EUR 28.4 billion).

Featured image: illustration

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Source: index.hu