CIB Bank (or Central European International Bank Ltd.) is the second-biggest

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Hungary Hungary is a landlocked country in Central Europe. Spanning much of the Pannonian Basin, Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia and ...

, after the 1 January 2008 merger with Inter-Európa Bank. This follows the 2007 merger of their respective Italian parent companies,

Banca Intesa Banca Intesa S.p.A. was an Italian banking group, formed in 1998 by merger of Cassa di Risparmio delle Provincie Lombarde (Cariplo) and Banco Ambrosiano Veneto. The next year, the banking group merged with Banca Commerciale Italiana to become ...

and

Sanpaolo IMI Sanpaolo IMI S.p.A. was an Italian banking and insurance conglomerate, based in Turin. It employed about 44,000 people and had about 7 million customers. On 24 August 2006, a merger with Banca Intesa was announced, which on 1 December 2006 was ap ...

to form

Intesa Sanpaolo Intesa Sanpaolo Società per azioni, S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a ...

History

Foundation

CIB was registered under Hungarian Company Law of 1875. On 9 November 1979, the Central-European International Bank Ltd was established in

Budapest Budapest is the Capital city, capital and List of cities and towns of Hungary, most populous city of Hungary. It is the List of cities in the European Union by population within city limits, tenth-largest city in the European Union by popul ...

as an exchange bank and began its operations in 1980. On the basis of the Company Law of 1988 and after the establishment of the

two-tier banking system A single-tier banking system is a policy framework under which all credit institutions coexist without distinction about the quality of their liabilities, or in other words, there is no distinction between central bank money and broad money. This ...

in 1988 the CIB Hungária Bank Rt. was established and a year later the CIBINTRA International Trading Co. Ltd. was founded. On 21 December 1995, CIB was given the license to conduct commercial banking business by the State Banking Supervision.

National expansion (1992-2006)

In 1992 CIB Bank started to expand its branches with the foundation of the CIB Broker Co. Ltd. as a subsidiary of CIB Hungária Bank Rt. CIB Broker Co. Ltd., which later became CIB Securities Ltd. as the investment company of CIB Bank. Since June 1993 the company is listed on the

Budapest Stock Exchange Budapest Stock Exchange (BSE) (, (BÉT)) is the Stock exchange, third largest stock exchange in Central and Eastern Europe by market capitalization and Market liquidity, liquidity. It is located at 55 Krisztina Boulevard, Budapest, Hungary, in ...

. CIB Securities has been licensed for securities trading since November 1994. On 31 December 1996, the company was transformed to a joint stock company. On 1 January 1998, Central-European International Bank Ltd. and CIB Hungária Bank Rt. were consolidated and named after the Central-European International Bank Ltd. Until March 1999 the capital grew to HUF 4.4 billion. By the end of 2006, the bank had 98 branches nationwide.

Present

In 2007 the parent company of CIB,

, merged with

to Sanpaolo S.p.A. In 2008 CIB Bank merged with Inter-Európa Bank and continued to operate as CIB Bank Ltd. Since April 2014 Dr. Pál Simák is chairman and CEO of CIB Bank.

References

External links