Erste Bank to Buy Commerzbank's Hungarian Corporate Bank
December 17 2021 - 5:20AM
Dow Jones News
By Cristina Roca
Erste Group Bank AG has agreed to buy Commerzbank AG's Hungarian
corporate banking subsidiary for an undisclosed amount.
The Austrian bank will take over 100% of Commerzbank Zrt.,
including its customer portfolio and head office building in
Budapest, it said Friday.
The sale is expected to close in the second half of 2022.
"Coming on the back of our purchase of the Hungarian online
broker Random Capital earlier this year, this newest acquisition
marks a further step in our pursuit of a targeted growth strategy
in Central and Eastern Europe," Erste Group Chief Executive Bernd
Spalt said.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
December 17, 2021 05:05 ET (10:05 GMT)
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