Dutch-based Trive Financial Holding has acquired Sopron Bank. As a result, MagNet Bank has completed two transactions at the same time: In the fall of 2021, it took over Sopron Bank from Hypo-Bank Burgenland AG. This was a regional bank in western Hungary with a 20-year history.
Back in the summer of 2022, MagNet Bank signed a contract with Trive Financial Holding for the sale of shares in Sopron Bank, for which the Hungarian National Bank (MNB) granted the necessary approvals.
Following the successful completion of the transaction, 100 percent of Sopron Bank’s license rights and shares were transferred to Trive Financial Holding B.V., while Sopron Bank’s customers, which were not acquired by MagNet Bank until June 30, 2022, will remain with MagNet Bank. The transaction has no impact on Sopron Bank’s branch network in Western Hungary, which was merged with MagNet Bank’s branch network in the first half of 2022.
Trive Bank will operate fully digitally and will offer consumer loans and later fixed-term deposits and current accounts to its customers. The acquisition will enable Trive Financial Holding to expand its geographical reach to Hungary, with the aim of making Trive Bank a modern high-tech bank.
Trive Financial Holding is a financial services group offering global investment and lending products with cutting-edge technology and venture capital investments focused on FinTech companies; its subsidiaries span the globe, from the United States to Europe, Africa and Australia.