Business

Takarékbank set to become one of Hungary’s largest banks

Hungarian banking group Takarékbank is set to become one of the country’s largest banking networks.

Launched on May 6 from the merger of Mohácsi Savings Bank, Pannon Savings Bank and B3 Savings Cooperative, the new entity already has more than 140,000 retail and 28,000 corporate clients, with 139 branches spread across seven of Hungary’s 19 counties, as well as the capital Budapest.

By October, eleven additional cooperatives will merge with Takarékbank, giving it more than one million clients and lifting its total assets over 2,300 billion forints (seven billion euros). Its market share will be over 6.5 per cent, making it the fourth-biggest banking group in Hungary.

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