CIB Bank

{{Short description|Bank in Hungary}}

{{refimprove|date=June 2020}}

{{Infobox company

| logo = CIB Bank logo.png

| type = Public

| foundation = 1979

| location = Budapest, Hungary

| key_people =

| industry = Finance and insurance

| products = Commercial banking

| revenue = {{increase }} € 215 million (2021){{cite web|url=https://www.cib.hu/document/documents/CIB/kommunikacio/evesjelentesek/IFRS_2021_CIB-Group__EN-220325.pdf |title=CIB Bank Business Report|access-date=2023-02-21}}

| operating_income = {{increase}} € 76,8 million (2021)

| net_income = {{increase }} € 42,9 million (2021)

| assets = {{increase }} € 7.5 billion (2021)

| parent = Intesa Sanpaolo

| equity = {{increase}} € 718 million (2021)

| homepage = [http://www.cib.hu/ www.cib.hu]

}}

CIB Bank (or Central European International Bank Ltd.){{Cite web|title=CIB Bank {{!}} ECBS|url=https://www.ecbs.org/banks/hungary/cib-bank/view-details.html|website=www.ecbs.org|access-date=2020-05-26}} 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.

File:CIB Bank Székesfehérvár.jpg]]

History

= Foundation =

CIB was registered under Hungarian Company Law of 1875.{{Cite web|title=CIB Bank {{!}} ECBS|url=https://www.ecbs.org/banks/hungary/cib-bank/view-details.html|website=www.ecbs.org|access-date=2020-05-06}}

On 9 November 1979, the Central-European International Bank Ltd was established in Budapest as an exchange bank and began its operations in 1980.{{Cite web|title=History|url=https://www.cib.hu/en/Maganszemelyek/rolunk/cib-bank/tortenetunk.html|website=CIB Bank Ltd.|language=en|access-date=2020-05-06}}

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.

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.{{Cite web|title=Annual Report 1999|url=https://net.cib.hu/system/fileserver?file=/Eves_jelentes/annual1999.pdf&type=related|access-date=2020-05-26}}

Since June 1993 the company is listed on the Budapest Stock Exchange.{{Cite web|title=CIB Group|url=https://www.cib.hu/en/Maganszemelyek/rolunk/cib-csoport.html|website=CIB Bank Ltd.|language=en|access-date=2020-05-26}}

CIB Securities has been licensed for securities trading since November 1994.

On 31 December 1996, the company was transformed to a joint stock company.{{Cite web|title=CIB Bank|url=https://www.cib.hu/en/Maganszemelyek/rolunk/cib-csoport.html|access-date=2020-06-24}}

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.{{Cite book|url=https://www.worldcat.org/oclc/53387477|title=The Europa world year book 2003.|date=2003|publisher=Europa Publications|isbn=1-85743-227-4|edition=44th|location=London|oclc=53387477}}

Until March 1999 the capital grew to HUF 4.4 billion.{{Cite web|title=CIB- Central European International Bank|url=https://net.cib.hu/system/fileserver?file=/Eves_jelentes/annual1999.pdf&type=related|access-date=2020-06-24}}

By the end of 2006, the bank had 98 branches nationwide.{{Cite web|title=CIB Bank {{!}} ECBS|url=https://www.ecbs.org/banks/hungary/cib-bank/view-details.html|access-date=2020-06-24|website=www.ecbs.org}}

= Present =

In 2007 the parent company of CIB, Banca Intesa, merged with Sanpaolo IMI to Sanpaolo S.p.A.{{Cite web|title=Intesa Sanpaolo Group - Historical Presence Around the World|url=https://internationalhistory.intesasanpaolo.com/world-map/paese/IT-ISP-MAPPAESTERA-0000116|access-date=2020-06-24|website=internationalhistory.intesasanpaolo.com}}

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.{{Cite web|title=Pál Simák|url=https://www.portfolio.hu/en/events/speaker/simak-pal/2763|access-date=2020-06-24|website=www.portfolio.hu|language=hu}}

See also

References

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