MKB Bank and Takarékbank will merge into Magyar Bankholding (MBH) next long weekend.
MBH will have a unified image and will be Hungary’s second largest financial institution in terms of total assets, managers of the two banks said at a press conference in Budapest on Tuesday.
The merger process will take place in two stages, the first of which was the merger of Budapest Bank with MKB Bank at the end of March. The merged financial institution will be the market leader in certain segments – corporate, agricultural and leasing – but will also have a dominant position in retail banking, informed Ádám Egerszegi, Vice President of MBH.
For the customers of both financial institutions, there may be failures in access to electronic channels and instant transfer orders over the long weekend. Shorter outages are also expected for digital use of cards, authorization of online purchases and ATM withdrawals. Credit card purchases and card acceptance services will not be affected by the technical changeover. Customers will continue to use their debit cards after the merger. MBH Bank customers will be able to withdraw cash from 800 ATMs nationwide and deposit cash into their accounts at nearly 140 machines.
In February, the National Bank approved the final step in Magyar Bankholding’s merger schedule, namely the merger of MKB Bank Nyrt. and Takarekbank Zrt. to MBH Bank Nyrt. on April 30th. Accordingly, the balance sheet total of the purely Hungarian bank will be almost 11,000 billion forints. The banking group looks after more than 1.5 million private and 300,000 corporate customers, has the largest branch network in the country and employs almost 10,000 people.
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