Citibank Hungary

Citibank Hungary is a Hungarian commercial bank that began operations in 1985. It is owned by Citigroup.

 History 
Initially, it operated as an offshore entity because in Hungary, the two-tier banking system was only introduced on January 1, 1987 (although the political decision was made in 1985), so until then, commercial banks could not operate in Hungary, only savings cooperatives.

Between 1985 and 1995, they mainly provided banking services to Hungarian large corporations and multinational companies. After 1995, they also opened up to the retail sector, with their first bank branch opening in Budapest.

In 1998, they acquired the European Commercial Bank in Hungary, and in 2000, they purchased the Hungarian retail, small and medium-sized enterprise business segment, and branch network of ING Bank.

On January 1, 2009, Citibank Hungary was merged into Citibank Europe Plc, headquartered in Ireland, and currently operates as its Hungarian subsidiary.Az ír Citibankba olvad be a magyarországi, Origo.hu, 2008. december 16.

On October 14, 2014, Citigroup announced that, similar to other countries in the region, it would withdraw from the Hungarian retail market.penzcentrum.hu

 Notes 

Category:Banks of Hungary