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Could the emerging Hungarian superbank conquer the financial market?
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The plan that has been rumoured since 2013 will come to fruition when three market-leading Hungarian banks will merge into a single holding company, creating a new superbank. They plan to enter the domestic and regional markets in the following years.
The rivals
The current largest Hungarian bank is OTP, led by Sándor Csányi for decades now. Csányi is the president of the Hungarian Football Association, and he is known for being the vice-president of FIFA as well.
Csányi spent many years being on top as the richest businessman of Hungary, until a close friend of Viktor Orbán, Lőrinc Mészáros, preceded him just last year.
Curiously, Mészáros seems to be interested in the superbank.
Read more: Can you guess who the wealthiest Hungarian is?
The merger of three existing banks
Based on the plans of Magyar Bankholding, the establishment of the superbank will be implemented in two stages. Budapest Bank and MKB will be the first to merge as MKB Bank.
On December 15, Magyar Takarék Bank Holding Zrt., which owns MKB Bank, Budapest Bank, and Takarék Group, approved the first step in the merger, says Forbes.hu.