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Erste Hungaryʼs acquisition of Citibank retail business approved

Deals

Hungaryʼs Competition Office (GVH) and the National Bank of Hungary (MNB) have approved the purchase of the Hungarian retail business of Citibank by Erste Bank Hungary and its subsidiary Erste Befektetesi, Erste and Citibank said in a joint statement on Friday.

With the acquisition, Erste Bank Hungary will become the second-biggest player in Hungaryʼs retail banking market, after OTP Bank.

Citibank is not likely to transfer its retail accounts to Erste before the last quarter of 2016. Meanwhile, Citibank will continue operations as normal.

Erste announced in September that it was buying the Hungarian retail business of Citibank.

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