The Hungarian state-owned development bank MFB recently bought a 38-percent stake in the Hungarian Savings Bank. The National Savings Cooperative was established in 1993 and has 105 members which account for almost 90 percent of the whole banking sector. MFB bought its 38.5-percent stake of the cooperative from the German DZ Savings Bank. This now means that 100 percent of the National Savings Cooperative is owned by Hungarian financial institutions. The association of the savings cooperatives, the Integration of Savings Cooperation, announced a HUF 6bn profit in the first half of 2012.
