Takarek Group, which comprises Hungary’s integrated savings cooperatives and their „central bank”, Takarekbank, aims to boost annual profit to HUF 30bn by 2023, under a strategy approved by Takarekbank shareholders.The strategy, approved at an extraordinary general meeting, also targets a HUF 25bn-30bn reduction in operating costs between 2019 and 2023. It puts the group’s market share at 10pc by the end of the period. The establishment of a modern, universal bank, accessible across the country and active in the area of digitalisation is at the heart of the strategy, said Takarekbank chairman-CEO Jozsef Vida.

The strategy also outlines a gradual merger of savings cooperatives by 2020, creating a unified financial institution that offers complex, innovative solutions to both the younger and older generations, and to families, whether they live in the capital, in other cities around the country or in rural communities, he added. The group will further strengthen its position in the SME and farm segments, while ensuring that clients can take care of their banking business at any Takarek branch in the country, Mr Vida said.