March 21, 2017 / 12:11 PM / 4 months ago

Hungary's 52 savings banks to merge into 12 regional banks-association

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BUDAPEST, March 21 (Reuters) - Fifty-two Hungarian savings cooperatives will merge into 12 regional savings banks by the end of the year, the integration association of savings banks (SZHISZ) said in a statement on Tuesday.

"The main goal... is strengthening savings cooperatives' efficient and successful operation, using capital in a more concentrated way, lifting sales efficiency ...," said Jozsef Vida, Chairman and CEO of Takarekbank, the sector's umbrella bank, in the statement.

Reporting by Sandor Peto and Marton Dunai

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