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.

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