Citigroup is close to a deal to sell its Hungarian retail banking business to Austrian lender Erste Group, according to a Reuters report.
Citing sources familiar with the matter, Reuters reported that the decision had already been taken.
The deal, which is expected to be announced in a month, would enhance Erste’s operations by nearly 10%.
Citi, which has presence in Hungary for about 20 years, has 10 local branches, all of which are in Budapest.
Citibank Hungary spokeswoman Eva Hencz told Reuters: "We cannot disclose details about the sale of our retail business at this phase."
The deal will not include Citi’s corporate portfolio and service centre in Budapest.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData