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In accordance with the Law on the Prohibition of Unfair Market Conduct and the Restriction of Competition, the Government acquires exclusive control of Magyar Bankholding Zrt. Over Budapest Bank, MKB Bank and MTB Magyar Takarékszövetkezeti Bank in order to increase the competitiveness of the Hungarian financial sector. Government Decree 574/2020, which was published last night in the Hungarian Gazette.
On October 30, the ownership structure of Magyar Bankholding Zrt. Was announced, that is, the superbank was merged with Budapest Bank, MKB Bank and Takarékbank. A detailed merger plan will be developed next year, so the three banks will continue to operate under the current brand for now. The controlling owners of the banks signed an investment and syndicate agreement and decided to contribute their bank stake to the joint holding company.
The value of the banking group created under the decision was set at 744 billion HUF, with the Hungarian state acquiring 30.35%, the owners of MKB Bank 31.96 and the owners of MTB Magyar Takarékszövetkezeti Bank through Corvinus Nemzeti Befektetési Zrt. (In our cover photo, from left to right, Lélfai Koppány, the first person from Budapest Bank, József Vida, Takarékbank and Ádám Balog, who left MKB Bank on December 31).
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