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Intesa Hungary unit says to lay off 300 staff

  Hungary’s CIB Bank group, a unit of Italy’s Intesa Sanpaolo, will lay off 300 staff, or 8% of its local work force, the group said in a statement on Thursday. The bank said the global financial crisis created a new situation for all market players, including CIB Group.

“We needed to take decisions to further rationalize costs, which also include a staff reduction,” the bank said. (Reuters