Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Budapest Bank, MKB to merge next spring

Budapest Bank, MKB to merge next spring

According to the plans of Hungarian Bankholding, Budapest Bank, and MKB Bank, the two member banks of the banking group will merge on March 31 2022, thus creating the basis for the unified operation of the banking group.

The merged banks will temporarily continue to operate under the name MKB Bank Plc.

The Takarék Group will join the merged bank in the second quarter of 2023, while Hungarian Bankholding will continuously harmonize banking operations.

At the same time, the complete management of Bankholding will take over the responsibilities of the senior management of the member banks, so the operation and management of the Hungarian Bankholding group will be unified. The merger plans is expected to be approved by the owners in mid-December.

Today, MKB Bank, listed on the Budapest Stock Exchange, published the proposals of the company's general meeting to be held on 15 December 2021, after the professional management of Hungarian Bankholding submitted a timetable to the owners for the merger of Budapest Bank, MKB Bank, and Takarék Group, the creation of a superbank with a key role in the Hungarian financial market.

“As a result of the intensive planning work of recent months, the timetable for the triple bank merger is established. We are convinced that with the implementation of our strategic plans, the merger and transformation of the three banks can be successfully completed, which is a unique professional task at an international level as well. Our goal is to build the most modern bank in Hungary: with core values such as stability and reliability, it will be able to radically change the customer experience related to financial services with its digital solutions,” said Zsolt Barna, chairman of the board of directors of Hungarian Bankholding.

The merger does not represent a change in the ownership structure of the banking group; Hungarian Bankholding continues to be the owner of the banks participating in the merger process.

The products and services of Budapest Bank and MKB Bank will continue to be available. Following the end of March 2022 merger, customers will still be able to conduct banking affairs at their home bank branches.

Digital developments in full swing


A key element of the strategy of Hungarian Bankholding is digital banking, meaning the introduction of internationally leading fintech solutions. Accordingly, the technological transformation of the banking group is currently underway.

The transformation of the group is managed by Balázs Vinnai and Roland Pecsenye, internationally recognized experts in the digital banking sector. The aim of the developments is to make the emerging universal large bank the most modern financial service provider in Hungary, for which it intends to introduce flexible, fast solutions and products that can be combined with each other.

Full operational fusion to end in 2023


Based on the five-year strategy approved in March for the merger of the member banks of Hungarian Bankholding, the full operational fusion of the three credit institutions is planned to be concluded in 2023.

The banking group is the second-largest market player in Hungary in terms of balance sheet total, and it also has the largest branch and ATM network. It is a market leader in a number of areas, such as corporate lending, within that the lending to the micro, small and medium-sized enterprise sector, and the leasing market. The business unit serving the agriculture sector – which accounts for 4% of gross domestic product – is the number one market player. The group also has a strong position in the private banking market.

“The Hungarian Bankholding group is a key player in the domestic financial sector, combining the strengths of three extremely stable banks. In parallel with the mergers, we pay special attention to the quality service of our customers and the smoothness of everyday administration, which is the basis of our business success. We also play a key role in the economic recovery following the coronavirus epidemic, both through our market financing activities and state-subsidized constructions,” said József Vida, CEO of Hungarian Bankholding.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×