Superbank is coming: the central bank of Hungary approved the merger of Budapest Bank and MKB Bank

The MNB (acting as the central bank of Hungary) approved the next significant step of the merger schedule of Hungarian Bankholding, the fusion of Budapest Bank and MKB Bank, which will take place on 31 March 2022. Takarék Group will join the bank merged under the name of MKB Bank Plc. until May 2023.

The MNB approved the implementation of the next step of the merger schedule of Hungarian Bankholding. Thus, according to the plans, Budapest Bank and MKB Bank will merge on 31 March 2022. During the fusion process, Budapest Bank will be merged into MKB Bank, and the merged bank will temporarily operate under the name of MKB Bank Plc. The merger of the two member banks is another important milestone in the establishment of the superbank with a key role in the Hungarian financial market.

Takarék Group will join the merger until May 2023.

As a technical step, the central bank also approved the participation of Hungarian Takarék Bankholding Ltd. – which owns Takarék Group – in the merger on 31 March 2022, in the framework of which Hungarian Takarék Bankholding Ltd. will also merge into MKB Bank Plc. Until the fusion of Takarék Group, Hungarian Bankholding Group will harmonize its internal operations.

The merger does not represent a change in the ownership structure of the banking group, Hungarian Bankholding Ltd. continue to be the defining owner of the banks participating in the fusion process.

“The unique merger process in the region is progressing succesfully and as planned. We are establishing a universal bank which looks to the future and aims to provide the best possible service to Hungarian people and businesses”