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Banco Popolare to sell Hungarian unit - newspaper

Italy's Banco Popolare will sell its Hungarian unit, Banco Popolare Hungary, the Italian newspaper Il Sole 24 Ore reported on Tuesday.

Banco Popolare Hungary operates ten branches in Hungary – seven in Budapest and three in communities just outside the city. The bank closed 2010 with loss of €4.1 million.

Banco Popolare, Italy's third-largest bank, established its Hungarian unit four years ago.