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Erste Bank Hungary to merge investment, private banking arms

Deals

Erste Bank Hungary is merging its investment and private banking activities into a single division from September, Deputy CEO László  Harmati said at a press conference yesterday, as reported by state news wire MTI.

The two businesses together manage some HUF 800 billion in assets, a little more than half of the HUF 1.5 trillion in assets the Erste group manages for its clients, Harmati said.

The restructuring will be completed legally in 2019, but this will not prevent the new division from launching right away, he added.

The new division will offer the benefits of independent securities market services while taking advantage of its banking foundations, with a network of branches and expanded financing opportunities, explained Harmati.

The division will cater to both private and institutional investors, added division head Róbert Cselovszki.

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