Hungary’s state-owned investment firm Corvinus has signed a deal to acquire 100% stake in Budapest Bank, the local unit of GE Capital, for $700m.

The interests include Budapest Fund Management, Budapest Car Leasing and car fleet management company Budapest Flotta, Hungary’s Prime Minister Office said in a statement.

Payment of the purchase price was calculated using a HUF/USD cross rate of 279.64, "which is more favourable than market rates at present", the statement read.

The statement added that the new owner doesn’t plan any big changes to the bank’s operation, business policy and operative management.

GE Capital put Budapest Bank up for sale after it decided to divest its financial services segment globally.

The government of Hungary inked a preliminary deal with GE to buy the bank in late 2014, and it received the regulatory approval in the middle of June 2015.

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