The MNB (acting as the central bank of Hungary) has approved the next important step in the Hungarian bank’s merger schedule, the merger of Budapest Bank and MKB Bank, which will take place on March 31, 2022. The Takarék Group will join the bank merged as MKB Bank Plc. until May 2023.
The MNB has approved the implementation of the next stage of the Hungarian bank’s merger schedule. So, according to the plans, Budapest Bank and MKB Bank will merge on March 31, 2022. During the merger process, Budapest Bank will be merged with MKB Bank, and the merged bank will temporarily operate as MKB Bank Plc. The merger of the two member banks is another important step in the creation of the superbank with a key role in the Hungarian financial market.
The Takarék group will join the merger until May 2023.
As a technical step, the central bank also approved the participation of the Hungarian Takarék Bankholding Ltd. – which owns the Takarék group – to the merger of March 31, 2022, in the context of which the Hungarian Takarék Bankholding Ltd. will also merge with MKB Bank Plc. Until the merger of the Takarék group, the 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. continues to be the determining owner of the banks participating in the merger process.
“The unique merger process in the region is progressing successfully and as planned. We are setting up a future-oriented universal bank aimed at providing the best possible service to Hungarians and businesses.
– said Dr. Barna Zsolt, CEO and Chairman of the Board of the Hungarian Bank.
After March 31, the continuous and uninterrupted service for individuals and businesses will be ensured: in addition to their usual bank branches and administrative channels, customers of Budapest Bank and MKB Bank will be able to manage their finances in new places and in a larger network of branches.
Following the full operational merger in 2023, the second largest commercial bank in Hungary will be created in terms of balance sheet total. The superbank-in-formation will introduce flexible and internationally cutting-edge digital solutions and build on the strengths, values and best practices of the three strong national commercial banks, including the banks’ many decades of accumulated expertise. members, or their commitment to high quality customer service. .
The merger process is accompanied by significant IT developments: Hungarian Bankholding is currently building a new digital banking platform which will be at the cutting edge of technology and customer experience.
The transition between individual products and their combination will be much easier and the constructions will become even more customizable.
The large emerging bank aims to serve the entire market and all customer segments in the future, with a focus on providing a new range of affordable and modern products and services to individuals, micro, small and medium-sized enterprises and agricultural customers. .