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MKB Bank, initially Magyar Külkereskedelmi Bank (lit.'Hungarian Foreign Trade Bank'), was a Hungarian state-owned bank founded in 1950. It was privatized in the mid-1990s, then renationalized in the 2010s. It eventually merged in the early 2020s with Budapest Bank and Takarékbank to form Magyar Bank Holding, branded MBH Bank [hu], thus creating the second-largest commercial bank in Hungary behind OTP Bank. The complex three-way merger was announced in 2020 and completed in 2023.[1]
MKB was created in 1950 within the communist-era single-tier banking system, in which it was one of the country's four main financial institutions alongside the Hungarian National Bank, the Hungarian Investment Bank (renamed the State Bank for Development in 1972 and liquidated in 1987),[2]: 386 and the Hungarian National Savings Bank Company.[2]: 382 It took over assets and operations, among others, from the former Hungarian Commercial Bank of Pest. The purpose of its establishment was to participate in the international monetary system and manage financial transactions related to foreign trade.
In 1987 Hungary reformed its banking system. MKB received full operational license to service the general population.[3] It was the first of the top five state-owned banks to be privatized, in 1994-1995 when BayernLB acquired a 25 percent stake, subsequently raised in stages until the mid-2000s. In 2012, having received state aid in Germany, BayernLB was forced by the European Commission to divest its ownership of MKB,[4] as a consequence of which the Hungarian government took back control.[5]
In May 2020, it was announced that Budapest Bank and Takarékbank would merge with MKB under the common entity Magyar Bankholding (MBH).[6] In 2022, MKB absorbed Budapest Bank on March 31,[1] and later took over the Hungarian loan portfolio of Sberbank.[7] The merger with Takarékbank was finalized on 30 April 2023.[1]
Political tiesedit
MKB Bank has financed by loan the campaign of French presidential candidate Marine Le Pen. The asset declarations of France's presidential candidates reveal that she received some EUR 10.7 million in total.[8]
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You can help expand this article with text translated from the corresponding article in Hungarian January 2022 Click show for important translation instructions View a machine translated version of the Hungarian article Machine translation like DeepL or Google Translate is a useful starting point for translations but translators must revise errors as necessary and confirm that the translation is accurate rather than simply copy pasting machine translated text into the English Wikipedia Consider adding a topic to this template there are already 595 articles in the main category and specifying topic will aid in categorization Do not translate text that appears unreliable or low quality If possible verify the text with references provided in the foreign language article You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation A model attribution edit summary is Content in this edit is translated from the existing Hungarian Wikipedia article at hu MKB Bank see its history for attribution You may also add the template Translated hu MKB Bank to the talk page For more guidance see Wikipedia Translation MKB Bank initially Magyar Kulkereskedelmi Bank lit Hungarian Foreign Trade Bank was a Hungarian state owned bank founded in 1950 It was privatized in the mid 1990s then renationalized in the 2010s It eventually merged in the early 2020s with Budapest Bank and Takarekbank to form Magyar Bank Holding branded MBH Bank hu thus creating the second largest commercial bank in Hungary behind OTP Bank The complex three way merger was announced in 2020 and completed in 2023 1 MKB BankHead office at Vaci utca 38 BudapestCompany typePublicIndustryFinance and InsuranceFounded1950Defunct2023SuccessorMBH Bank hu HeadquartersBudapest HungaryProductsCommercial banking Websitewww wbr mkbbank wbr hu Contents 1 History 2 Political ties 3 See also 4 ReferencesHistory editMKB was created in 1950 within the communist era single tier banking system in which it was one of the country s four main financial institutions alongside the Hungarian National Bank the Hungarian Investment Bank renamed the State Bank for Development in 1972 and liquidated in 1987 2 386 and the Hungarian National Savings Bank Company 2 382 It took over assets and operations among others from the former Hungarian Commercial Bank of Pest The purpose of its establishment was to participate in the international monetary system and manage financial transactions related to foreign trade In 1987 Hungary reformed its banking system MKB received full operational license to service the general population 3 It was the first of the top five state owned banks to be privatized in 1994 1995 when BayernLB acquired a 25 percent stake subsequently raised in stages until the mid 2000s In 2012 having received state aid in Germany BayernLB was forced by the European Commission to divest its ownership of MKB 4 as a consequence of which the Hungarian government took back control 5 In May 2020 it was announced that Budapest Bank and Takarekbank would merge with MKB under the common entity Magyar Bankholding MBH 6 In 2022 MKB absorbed Budapest Bank on March 31 1 and later took over the Hungarian loan portfolio of Sberbank 7 The merger with Takarekbank was finalized on 30 April 2023 1 Political ties editMKB Bank has financed by loan the campaign of French presidential candidate Marine Le Pen The asset declarations of France s presidential candidates reveal that she received some EUR 10 7 million in total 8 See also edit nbsp Banks portal OTP Bank K amp H Bank CIB Bank List of banks in Hungary MKB UnionbankReferences edit a b c MBH Second Largest Player in Hungarian Banking Starts Operations Hungary today 12 May 2023 a b Imre Lengyel April 1994 The Hungarian Banking System in Transition GeoJournal 32 4 381 391 Az MKB Bank tortenete 127 0 0 1 in Hungarian Retrieved 2022 05 31 Peter Vass March 2019 Member banks of the Hungarian Banking Association PDF Economy and Finance GEP 6 1 Budapest Hungarian Banking Association 95 Hungary nationalises German owned MKB bank ft com 24 July 2014 Retrieved 24 January 2017 Marton Dunai 26 May 2020 Hungary s Budapest Bank joins MKB Takarek merger as domestic banks grow Reuters MKB Bank Completes Takeover of Sberbank Hungary Loan Portfolio Budapest Business Journal 2 August 2022 France s Le Pen got loan from Hungarian bank close to Orban filing Reuters 2022 03 10 Retrieved 2022 05 31 nbsp This European bank or insurance related article is a stub You can help Wikipedia by expanding it vte nbsp This European corporation or company article is a stub You can help Wikipedia by expanding it vte nbsp This Hungary related article is a stub You can help Wikipedia by expanding it vte https www portfolio hu bank 20230911 megerkezett a friss banki rangsor a te bankod hanyadik a listan 639023 Retrieved from https en wikipedia org w index php title MKB Bank amp oldid 1219443651, wikipedia, wiki, book, books, library,
