Volksbank to take over ten ÁÉB branches on Dec 15

Issues

Hungary's ÁÉB Bank Rt announced on Friday it will transfer 10 of its branches to Volksbank Hungary on December 15. The two banks agreed in September that Volksbank would take over the accounts, clients and operations of ÁÉB's ten branches. The price of the transaction was not disclosed. The transaction affects five of ÁÉB's 11 branches in Budapest, and a further five branches located in five other Hungarian cities. Volksbank will add the new branches to its current network of 13 branches in and around Budapest, and its 16 branches elsewhere in Hungary.
ÁÉB is wholly owned by Russian investor Medget Rahimkulov and his family. The bank had consolidated total assets of Ft 243.2 billion at the end of June. Volksbank Hungary had total assets of Ft 199 billion at the end of 2004.

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