Since April 30, 2010 HBW Express Bank has been operating as MagNet Hungarian Community Bank on the same safe and secure professional, financial and ethical grounds and with the same ownership structure, majority owned by Hungarian shareholders, and deeply committed to carrying on and further developing its activities and strengthening its presence in the domestic market.

In March 2008 Caja Navarra (www.can.es), a Spanish savings institution and a pioneer in civic banking in its own country, acquired a 30% stake in HBW Express, which had then been operating as a savings cooperative. In October 2008 HBW Express was transformed into a commercial bank with the help of the 1.2 billion forints share capital provided by the minority shareholder. Thirty per cent of the shares are owned by Caja Navarra, while seventy per cent of the shares are held by Hungarian investors.

HBW Express, the legal predecessor of MagNet Bank, was among the first institutions to offer telephone based money transfer and accounting services as well as to introduce internet banking.

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