DLA Piper Assists with Establishment of Hungarian Bankholding Ltd.

DLA Piper Assists with Establishment of Hungarian Bankholding Ltd.

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DLA Piper has advised the Budapest Bank Group, KB Bank Group, and the Takarekbank Group on their establishment of the Hungarian Bankholding Ltd. financial holding company.

DLA Piper describes Hungarian Bankholding as, “Hungary's second largest banking group providing services to 1.9 million customers, 200,000 micro-enterprises, 30,000 small and medium-sized enterprises, and 6,000 private banking clients.”

According to DLA Piper, “on October 30, the owners of the Budapest Bank Group, MKB Bank Group, and Takarekbank Group, signed an investment and shareholders’ agreement in accordance with their previous letter of intent.” Pursuant to this agreement, the firm reports, “on December 15, 2020, the signatories transferred their shares in their respective banks to Hungarian Bankholding Ltd., their jointly owned financial holding company.”

DLA Piper’s team consisted of Partners Andras Nemescsoi and Gabor Molnar, Counsel Gabor Hollos, Senior Associates Peter Virag and Jeno Kimmel, and Associates Balazs Szalbot and Andras Orban.