CIB Bank (or Central European International Bank Ltd.)[2] is the second-biggest commercial bank in Hungary, after the 1 January 2008 merger with Inter-Európa Bank. This follows the 2007 merger of their respective Italian parent companies, Banca Intesa and Sanpaolo IMI to form Intesa Sanpaolo.
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| Company type | Public |
|---|---|
| Industry | Finance and insurance |
| Founded | 1979 |
| Headquarters | Budapest, Hungary |
| Products | Commercial banking |
| Revenue |  € 215 million (2021)[1] |
| € 76,8 million (2021)[1] | |
| € 42,9 million (2021)[1] | |
| Total assets | € 7.5 billion (2021)[1] |
| Total equity | € 718 million (2021)[1] |
| Parent | Intesa Sanpaolo |
| Website | www.cib.hu |
History
Foundation
CIB was registered under Hungarian Company Law of 1875.[3]
On 9 November 1979, the Central-European International Bank Ltd was established in Budapest as an exchange bank and began its operations in 1980.[4]
On the basis of the Company Law of 1988 and after the establishment of the two-tier banking system in 1988 the CIB Hungária Bank Rt. was established and a year later the CIBINTRA International Trading Co. Ltd. was founded.[4]
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.[5]
Since June 1993 the company is listed on the Budapest Stock Exchange.[6]
CIB Securities has been licensed for securities trading since November 1994.
On 31 December 1996, the company was transformed to a joint stock company.[7]
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.[8]
Until March 1999 the capital grew to HUF 4.4 billion.[9]
By the end of 2006, the bank had 98 branches nationwide.[10]
Present
In 2007 the parent company of CIB, Banca Intesa, merged with Sanpaolo IMI to Sanpaolo S.p.A.[11]
In 2008 CIB Bank merged with Inter-Európa Bank and continued to operate as CIB Bank Ltd.[11]
Since April 2014 Dr. Pál Simák is chairman and CEO of CIB Bank.[12]
See also
References
External links
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