Pannon Takarék merges with peers to create second-biggest savings cooperation

Budapest, October 4 (MTI) – Savings cooperative integrator SZHISZ on Tuesday announced the merger of Pannon Takarék Bank with Lebeny-Kunsziget Takarékszövetkezet and Bakonyvidéke Takarékszövetkezet.

The merger will bring Pannon Takarék’s assets to more than HUF 90bn and its network of branches to 52, SZHISZ said.

Pannon Takarék Bank is now the second-largest savings coop in Hungary, said chairman Imre Hartmann. Its headcount now exceeds 300, he added.

SZHISZ said late in August that 16 mergers affecting 51 savings coops had taken place since the government mandated the integration of the sector in the summer of 2013. A further nine mergers affecting 32 coops are planned, it added at the time.

SZHISZ counts 74 members in the integration at present, including a handful of banks. About two years ago, the number stood at 120.

Source: MTI