Index – Economy – Authorized the central bank to merge Budapest Bank and MKB Bank
The MNB has approved the implementation of the next step of the merger schedule of Magyar Bankholding, so it is planned that Budapest Bank and MKB Bank will merge on March 31, 2022. During the merger, Budapest Bank will merge with MKB Bank, and the merged bank will temporarily operate under the name MKB Bank Plc. The merger of the two member banks is another important milestone in the establishment of a dominant superbank in the Hungarian financial market – Magyar Bankholding informs our editorial office.
Takarék Group will join the merger by May 2023. As a step, the central bank also approved the participation of Magyar Takarék Bankholding Zrt., Which owns the Takarék Group, in the merger on 31 March 2022, in the framework of which Magyar Takarék Bankholding Zrt. Will also merge into MKB Bank Plc. Until the accession of the Takarék Group, the Magyar Bankholding Group will harmonize its internal operations.
The merger does not mean a change in the ownership structure of the banking group, Magyar Bankholding Zrt. Will continue to be the dominant owner of the acquiring banks participating in the merger process.
During the merger, the service will be uninterrupted.
As a result of the full operational merger in 2023, the second largest commercial bank in Hungary will be established on the basis of the balance sheet total.
Magyar Bankholding Zrt. Is a domestically owned financial holding company, which aims to implement the merger of Budapest Bank Zrt., MKB Bank Nyrt. And the Takarék Group. The company started on 15 December 2020 with the permission of the Magyar Nemzeti Bank.