MKB Bank
MKB Bank, initially known as Magyar Külkereskedelmi Bank (Hungarian Foreign Trade Bank), was a state-owned banking institution in Hungary founded in 1950. It underwent privatization during the mid-1990s, followed by renationalization in the 2010s. In the early 2020s, it merged with Budapest Bank and Takarékbank to establish Magyar Bankholding, operating under the brand MBH Bank. This consolidation resulted in Hungary's second-largest commercial bank, trailing only OTP Bank. The three-way merger was publicly announced in 2020 and reached completion in 2023.
History
MKB was created in 1950 as part of Hungary's communist-era single-tier banking framework, functioning alongside three other major financial institutions: the Hungarian National Bank, Hungarian Investment Bank, and OTP Bank. It took over assets from the former Hungarian Commercial Bank of Pest and specialized in handling foreign trade finance.
Following banking reforms in 1987, MKB obtained a comprehensive license permitting it to offer services to the general public. Between 1994 and 1995, it became the first major state-owned bank to be privatized when BayernLB acquired a 25% stake, later increasing its ownership throughout the mid-2000s.
After BayernLB received state aid in 2012, the European Commission mandated that BayernLB divest its MKB shares by the end of 2016. Due to financial difficulties, the Hungarian government assumed control of MKB in 2014.
In 2015, the National Bank of Hungary (NBH) purchased MKB for €55 million; at that time, MKB ranked as the sixth-largest lender in Hungary by asset size. The following year, NBH transferred ownership to a consortium composed of METIS Private Capital Fund (45%), Blue Robin Investments SCA (45%), and Pannonia Pension Fund (10%).
In January 2019, entrepreneurs Lőrinc Mészáros and László Szíjj became majority shareholders by acquiring an 81.5% stake in MKB.
In May 2020, Budapest Bank and Takarékbank declared their intention to merge with MKB under the Magyar Bankholding (MBH) umbrella. By March 31, 2022, MKB had integrated Budapest Bank and subsequently took over Sberbank Hungary’s loan portfolio in August. The merger with Takarékbank was finalized on April 30, 2023.
In February 2022, MKB entered a strategic partnership to manage CIG Pannonia's insurance-linked financial products, broadening its range of offerings within insurance-related services.
Political ties
MKB Bank extended a loan amounting to EUR 10.7 million to support the campaign of French presidential candidate Marine Le Pen, demonstrating its role in international political financing.