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PSZAF clears Sberbank acquisition of Magyarorszagi Volksbank

Hungarian financial market watchdog PSZAF on Thursday said it cleared the acquisition of Magyarorszagi Volksbank by Sberbank of Russia.

Magyarorszagi Volksbank is a unit of Austria’s Volksbank International (VBI) which Sberbank bought last year.

OTP Bank, Hungary’s biggest commercial lender, was also earlier interested in acquiring VBI, according to Russian press reports.