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.
20-555: (Redirected from Mkb ) MKB may refer to: Business [ edit ] MKB Bank , the third-biggest commercial bank in Hungary MKB Raduga , a Russian aerospace company MKB Fakel , a Russian government-owned aerospace defense corporation Community [ edit ] Moogooru Karnataka Brahmin , a sect of Kannada speaking Smartha Brahmins and follow Advaita Vedanta MKB Nagar , residential locality in northern part of
40-710: A cross-border service in Poland in the non-life segment. Followed by the Baltic States in 2013. The company launched their cross-border service in the non-life segment in Italy in September 2014 and in Spain in September 2017. The main products include unit-linked life insurance and pension insurance , but CIG also sells traditional life insurance, funeral insurance, endowment and term life insurance and health insurance. Its subsidiary operates
60-713: A result, the stock became an unpopular investment in 2016. Between 2016 and 2018 the company attracted another institutional investor, the Konzlum Plc. They bought a 24.85% stake in CIG pushing up the stock price between 400 and 500 HUF. The first step of the company's regional expansion was the launch of the sale of its products in Romania in May 2009. Later, in September 2010, the company began its sales activities in Slovakia as well. On 1 September 2010,
80-500: Is a stub . You can help Misplaced Pages by expanding it . CIG Pannonia CIG Pannonia Life Insurance Plc. is a Hungarian multinational financial services company headquartered in Budapest . Its core business and focus is life and non-life insurance. At present, CIG Pannonia is engaged in the life insurance business in Hungary , Romania and Slovakia . On 26 October 2007, the company
100-578: The Company became a public limited company and is now called CIG Pannónia Life Insurance Plc. (CIG Pannónia Életbiztosító Nyrt.). The subscription procedure in October 2010 was highly successful and drew massive public interest. Later, after the initial public offering, the Company requested to be listed on the Budapest Stock Exchange and from 2011 listed on BSE's prime market. In April 2012 CIG started
120-504: The Hungarian market and supported and privately financed by recognized and credible Hungarian personalities. Back then, just like today, it was necessary to have a professional leader with an intimate knowledge of the local economy and the opportunities of the insurance market, who had the organisational expertise necessary to build an entire new insurance company, who had significant past achievements and could convince major supporters to back
140-429: 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. This European bank or insurance-related article is a stub . You can help Misplaced Pages by expanding it . This European corporation or company article is a stub . You can help Misplaced Pages by expanding it . This Hungary -related article
160-458: The cause of founding a new insurance company. In September 2020, the company liquidated its Hungarian subsidiary, CIG Pannónia Pénzügyi Közvetítő Zrt, in which Hungarikum Alkusz Kft, owned by Erik Keszthelyi and Lőrinc Mészáros , subsequently acquired a 25% stake. From 1 October 2020, István Fedák took over as CEO, replacing Gabriella Kádár, who had previously held the position for 6 years. From January 2021, Zoltán Polányi became chairman of
180-477: The metropolitan city of Chennai, Tamil Nadu state, India MKB Veszprém , a handball club from Hungary M. K. B. v. Warden , a sealed case in South Florida People [ edit ] Małgorzata Kidawa-Błońska Marques Brownlee Computing [ edit ] Media Key Block Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with
200-573: The mid-2000s. In 2012, having received state aid in Germany, BayernLB agreed with the European Commission that it would divest its ownership of MKB. The deadline for divestiture was set at end-2016. The Hungarian government determined that the bank was in financial distress and took control of it in 2014. In 2015 the National Bank of Hungary (NBH) bought MKB for €55 million. At the time it
220-489: The property insurance business not only in Hungary but also in many European countries through cross-border services. CIG is primarily active in the life insurance sector. The most profitable products are pension insurance and unit-linked insurance. Former Minister of Finance and chairman of the central bank Zsigmond Járai was appointed to chair the supervisory board, which represents the owners. Béla Horváth , former top executive of various Hungarian insurance companies,
SECTION 10
#1732855335776240-437: The title MKB . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=MKB&oldid=1014639381 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages MKB Bank MKB
260-408: The year with a turnover of US$ 13 million. In 2009, CIG held a 3% market share in domestic life insurance and generated over US$ 40 million in sales. On 1 January 2010, the company changed its name to CIG Pannonia Life Insurance Ltd. Later that year, the insurer commenced operations as a public limited company. The company's shares have been listed on the Budapest Stock Exchange . The first trading day
280-465: Was November 8, 2010. Between 2011 and 2015 CIG started its 100% non-life subsidiary, which focuses on domestic SMEs, Institutions of the state and local authorities, companies, professional chambers and associations. Throughout the years the subsidiary grew and stayed profitable. On the other hand, 2015 was the year when CIG broke up with Brokernet, setting up an all-time low at 135 HUF. This event disappointed many individual investors and speculants. As
300-483: Was announced that Budapest Bank and Takarékbank would merge with MKB under the common entity Magyar Bankholding (MBH). In February 2022 MKB agreed to represent the portfolio of CIG Pannonia to their clients. In 2022, MKB absorbed Budapest Bank on March 31, and in August 2022 took over the Hungarian loan portfolio of Sberbank . The merger with Takarékbank was finalized on 30 April 2023. MKB Bank has financed by loan
320-612: Was appointed as the chairman of the board of directors. The position of the CEO has been filled by dr. Ottó Csurgó since 18 April 2012, who is also the CEO of CIG Pannónia First Hungarian General Insurance Plc. The company is heir in spirit to the First Hungarian General Insurance Company (Első Magyar Általános Biztosító Társaság) founded in 1857 by Henrik Lévay . In those days, as well as nowadays, Hungary lacked an insurance company run by Hungarian management, focusing on
340-746: 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), and the Hungarian National Savings Bank Company . It took over assets and operations, among others, from the former Hungarian Commercial Bank of Pest . The purpose of its establishment
360-451: Was founded by well-known and acknowledged public figures and insurance experts from Hungary; its original name was CIG Central European Insurance Company. CIG was supported by the U.S. Inverstment bank Lehman Brothers . It also had a successful partnership with Brokernet , one of Hungary's largest financial agencies. In 2008, the company became market leader in niche markets like regular-premium, unit-linked life insurance products and closed
380-517: Was the country's sixth-largest lender by assets. In 2016, NBH sold MKB to a consortium of domestic and foreign equity funds. METIS Private Capital Fund would buy 45%, Blue Robin Investments SCA, a group of Indian and Chinese private investors, would buy 45%, and Budapest-based Pannonia Pension Fund would buy 10% of the allotted capital. In January 2019, 81.5% of MKB shares were purchased by Lőrinc Mészáros and László Szíjj . In May 2020, it
400-399: 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. 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
#775224