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Erste to consolidate property units in Central East Europe

Austria's retail lender Erste Group Bank AG said it will consolidate its real estate financing and property development businesses in the Central East European and South East European regions, wire agency MTI reported. As part of the move, Erste will set up Erste Group Immorent (EGI), which will manage the entire real estate portfolio of Immorent AG, Erste Group Bank AG and their subsidiaries in the two regions. EGI will provide 'one-stop-shop' services for lending, leasing, investment, project development, construction services as well as infrastructure business. Erste said its Hungarian property unit Immorent Kft and real estate financing arm Immorent Pénzügyi Zrt will come under the same management as part of the consolidation effort. (MTI-Econews)