CIB Bank

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.

A CIB Bank in Székesfehérvár
CIB Bank
TypePublic
IndustryFinance and insurance
Founded1979
HeadquartersBudapest, Hungary
ProductsCommercial banking
Revenue € 160 million (2018)[1]
€ 74,5 million (2018)[1]
€ 4,1 million (2018)[1]
Total assets € 4.6 billion (2018)[1]
Total equity € 673 million (2018)[1]
Websitewww.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
  1. "CIB Bank Business Report" (PDF). Retrieved 2020-05-26.
  2. "CIB Bank | ECBS". www.ecbs.org. Retrieved 2020-05-26.
  3. "CIB Bank | ECBS". www.ecbs.org. Retrieved 2020-05-06.
  4. "History". CIB Bank Ltd. Retrieved 2020-05-06.
  5. "Annual Report 1999". Retrieved 2020-05-26.
  6. "CIB Group". CIB Bank Ltd. Retrieved 2020-05-26.
  7. "CIB Bank". Retrieved 2020-06-24.
  8. The Europa world year book 2003 (44th ed.). London: Europa Publications. 2003. ISBN 1-85743-227-4. OCLC 53387477.
  9. "CIB- Central European International Bank". Retrieved 2020-06-24.
  10. "CIB Bank | ECBS". www.ecbs.org. Retrieved 2020-06-24.
  11. "Intesa Sanpaolo Group - Historical Presence Around the World". internationalhistory.intesasanpaolo.com. Retrieved 2020-06-24.
  12. "Pál Simák". www.portfolio.hu (in Hungarian). Retrieved 2020-06-24.
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