In a matter of days, the country's fifth largest bank will be established

In a matter of days, the country’s fifth largest bank will be established

As the most important stage in the transformation of the cooperative savings sector, on October 31, 2019, 11 savings associations and two banks will merge in Takarékbank Zrt. As of November, Takarék Group’s only global commercial bank serves more than 1.1 million customers and operates the largest branch network in the country. Takarékbank Zrt will become the fifth largest financial institution in the country by total balance sheet – read Takarék Group’s announcement.

In conjunction with the legal consolidation, Takarék Kereskedelmi Bank Zrt’s IT system. It will be integrated with the already operating network of Takarékbank Zrt. It affects all your accounts and services.

By the end of 2017, more than 120 savings, more or less in early 2010, were amalgamated into 12 regional savings cooperatives.

At the group’s central bank general meeting on 30th November 2018, Savings decided to continue its operations in one new state-of-the-art commercial bank with national coverage.

Photo: Sándor Ujvári / MTI

As a decisive step in the final integration of the sector, Takarékbank Zrt was established. On April 30, 2019 with the merger of Mohácsi Takarék Bank Zrt. , Pannon Takarék Bank Zrt. It also owns contracts for individuals and companies accounts, deposits and loans.

To close the national merger, eleven savings cooperatives will merge on October 31, 2019 – 3A Savings Cooperative, Békés Savings Cooperative, CENTRAL SAVINGS Cooperative, South Savings Cooperative 7, Focus Savings Cooperative, Hungaria Savings Cooperative, Hungária Savings Cooperative, Hungária Savings Cooperative, Nykzat Taks Cooperative , Pátria Takarékszövetkezet and TISZÁNTÚLI TAKARÉK Takarékszövetkezet – as well as Takarék Kereskedelmi Bank Zrt. And Takarékbank Zrt.

Although the merger of the aforementioned companies under the Companies Act will take place on October 31, 2019, Takarékbank Zrt. After a long weekend and a two-day bank holiday – it will begin operations on November 6, and the entire branch network of the aforementioned companies will cover participating in the merger. The statement wrote that during the change period, from November 1 to November 6, 2019, bank branches will not open, the netbank and mobile app will not work temporarily, and it will not be possible to initiate and receive transfers.

On Wednesday, November 6, 2019, accounts will be reopened and online services will work again, and applications received after October 31, 2019 will be published on that day. During this period, their credit card customers will be able to use the services available with the credit card from ATMs up to the closing cap amount on October 31, 2019.

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