Budapest, October 14, 2021 – MagNet Magyar Közösségi Bank Zrt. (MagNet Hungarian Community Bank Zrt.) and Austrian Hypo-Bank Burgenland AG yesterday reached an agreement under which Hungarian-owned MagNet Bank Zrt. will acquire Sopron Bank Zrt., the Hungarian subsidiary of Hypo-Bank Burgenland AG. The transaction needs to be authorized by the National Bank of Hungary, after which Sopron Bank will become a wholly owned subsidiary of MagNet Bank. Following the sale of Sopron Bank Zrt., Hypo-Bank Burgenland AG will focus on serving corporate clients in Hungary, especially in the area of real estate financing.
Celebrating its 25th anniversary this year, MagNet Bank Zrt. is a pioneer in the Hungarian banking system as a community financial institution, building a link between responsible deposit and lending, social and community interests, based on the principles of sustainability and providing special customer rights.
Zsolt Fáy, President of the Hungarian Community Bank, said: “With the acquisition, MagNet Bank will not only gain a branch network in Western Hungary, but will also be able to nearly double its market share, creating opportunities for further dynamic growth and bringing value-based banking to regions where it has been less accessible.”
MagNet Bank, 100% in Hungarian private ownership, has been operating profitably in the domestic market for the past 25 years and through a series of previous acquisitions – including the 2013 acquisition of Banco Popolare Hungary – now serves more than 50,000 customers.
MagNet Hungarian Community Bank
Community Development CEO
Leave a ReplyWant to join the discussion?
Feel free to contribute!