Erste to buy Hungarian retail business of Citibank

Budapest, September 2 (MTI) – Erste Bank will buy the Hungarian retail business of Citibank, while Citibank will continue to focus on corporate and institutional clients, the two banks announced on Wednesday.

Citibank will pass on its retail deposit, investment, personal loans, credit card and micro-enterprise financing (CitiBusiness) segments.

Citibank Europe reached an agreement with Erste Bank Hungary as well as its subsidiary Erste Befektetesi.

The deal is not expected to conclude before the fourth quarter of 2016 and is still pending regulatory approval which could be received around the end of 2015.

Photo: Michaela Bruckberger

Source: http://mtva.hu/hu/hungary-matters