Erste Group is expected to acquire the retail banking and cards business of Citibank in Hungary. The transfer of customer accounts is not expected to occur before the fourth quarter of 2016 as the transaction is required to be approved by the Hungarian regulator. The two banks said in a joint statement that they have sighned an agreement under which Citi will sell its consumer banking business in Hungary. The sale includes Citi’s retail banking and investment business, consumer loans and cards businesses, the CitiBusiness microenterprise accounts and the transfer of consumer banking employees. However, Citi will remain in Hungary and continue its commitment to the country, and intends to focus on expanding and growing the services it offers to Hungarian corporations, financial institutions, multinational clients with operations in Hungary and public sector clients, the statement added.
