Volksbank rechristened Sberbank Magyarország

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Volksbank has changed its name as of November 1 to Sberbank Magyarország, the bank informed national news service MTI.

The bank said it has launched its brand change process, as a result of which the branches will operate under the brand name Sberbank, just as in the case of the other central and eastern European units of Sberbank Europe. Russia-based Sberbank acquired Volksbank International’s business in Hungary along with the rest of its Central and Eastern Europe operations, with the exception of those in Romania, for €505 million in February 2012.

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