MagNet Bank was initially established in 1995 as HBW Express Takarékszövetkezet (Savings Cooperative). MagNet Bank is a community bank, providing retail banking products and services to individuals, companies and non-profit organizations.
MagNet Magyar Közösségi Bank Zrt is the 27th largest bank in Hungary in terms of total assets. In 2019 its total assets were 163,17 bln HUF. In 2019 the bank's net income was 1 420,94 mln HUF.
MagNet Magyar Közösségi Bank Zrt participates in the deposit guarantee scheme of Hungary. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by natural persons (Hungarian and foreign), legal entities and covers up to up to 100,000 EUR per bank per depositor. MagNet Magyar Közösségi Bank Zrt is a member of National Deposit Insurance Fund (NDIF) and makes its contributions into it.
MagNet Magyar Közösségi Bank Zrt is headquartered in Budapest.
MagNet Magyar Közösségi Bank Zrt is authorized and supervised by the Magyar Nemzeti Bank.