MKB Bank
TypePublic
IndustryFinance and Insurance
Founded1950
HeadquartersBudapest, Hungary
ProductsCommercial banking,
Websitewww.mkbbank.hu

MKB Bank, formerly Magyar Külkereskedelmi Bank (lit. 'Hungarian Foreign Trade Bank'), is the second-largest commercial bank in Hungary behind OTP Bank.

History

MKB was created in 1950 within the communist-era "one-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),[1]: 386  and the Hungarian National Savings Bank Company.[1]: 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.[2] 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,[3] as a consequence of which the Hungarian government took back control.[4]

In May 2020, it was announced that Budapest Bank and savings bank group Magyar Takarekbank (MTB) would merge with MKB under the common entity Magyar Bankholding.[5] In 2022, MKB took over the Hungarian loan portfolio of Sberbank.[6]

Political ties

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.[7]

See also

References

  1. 1 2 Imre Lengyel (April 1994), "The Hungarian Banking System in Transition", GeoJournal, 32:4: 381–391
  2. ↑ "Az MKB Bank története". 127.0.0.1 (in Hungarian). Retrieved 2022-05-31.
  3. ↑ Péter Vass (March 2019), "Member banks of the Hungarian Banking Association" (PDF), Economy and Finance (GÉP), Budapest: Hungarian Banking Association, 6:1: 95
  4. ↑ "Hungary nationalises German-owned MKB bank". ft.com. 24 July 2014. Retrieved 24 January 2017.
  5. ↑ Marton Dunai (26 May 2020). "Hungary's Budapest Bank joins MKB-Takarek merger as domestic banks grow". Reuters.
  6. ↑ "MKB Bank Completes Takeover of Sberbank Hungary Loan Portfolio". Budapest Business Journal. 2 August 2022.
  7. ↑ "France's Le Pen got loan from Hungarian bank close to Orban -filing". Reuters. 2022-03-10. Retrieved 2022-05-31.


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