Erste Receives Regulatory Approval for Commerzbank Acquisition
Erste Bank Hungary has received regulatory approval and can move forward with its acquisition of a 100% stake in Commerzbank's local corporate banking subsidiary Commerzbank Zrt, Erste said on Friday, according to a report by state news wire MTI.
Preparations are underway and the transaction is expected to be closed in H2 2022, Erste said. Erste agreed to buy Commerzbank Zrt. in December 2021.
Commerzbank has a strong market presence in Hungary in the field of corporate lending, trade financing, and foreign exchange segment, Erste said.
Following the acquisition Erste's share in the corporate loan market will rise to over 10%, it added.
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