MagNet Bank is a Hungarian commercial bank headquartered at Andrássy út 98 in Budapest. Its official name is MagNet Magyar Közösségi Bank Zrt., and its registered operating area is Hungary. 21011 The bank’s activities cover retail and business banking, including current accounts, payment cards, loans, deposits, savings products, digital banking and safe-deposit services. 611
The organisation traces its origins to the HBW Express Savings Cooperative, established in 1995. 6 In 2008, the institution was transformed into a bank, and on 30 April 2010 it began operating under the name MagNet Magyar Közösségi Bank. 23 The bank became wholly Hungarian-owned in 2010, while its corporate structure became fully Hungarian-owned in 2013. 26
MagNet presents itself as a community bank focused on value-based and community-oriented banking. Its community-related services include community deposits and loans, a Community Giving Programme, donation programmes and an initiative linking customer activity with tree planting. 611 The bank also provides conventional financial services to individuals and companies, including mortgage and personal lending, business loans, corporate accounts and electronic payment solutions. 6
Fáy Zsolt is the chairman of the board and a founding owner, while Salamon János is the chief executive officer and a member of the board. 35 Other board members listed by the bank include Attila Rostás, Csaba Molnár, János Attila Gránicz, Richárd Posch, Oszkár Kiss and Csaba Tikos-Nagy. 6 MagNet’s branch network includes locations in Hungary, including western Hungary following its acquisition of Sopron Bank. 6 The available evidence therefore indicates a national, Hungary-focused scope rather than an international operating footprint. 611