FRANKFURT (dpa-AFX) - Erste Bank Hungary Zrt., a Hungarian lender, said on Friday that it has inked a deal to buy Commerzbank AG's (CRZBY.PK) Hungarian corporate banking subsidiary Commerzbank Zrt.
The financial terms of the transaction, which is expected close in the second half of 2022, were not disclosed.
'.This newest acquisition marks a further step in our pursuit of a targeted growth strategy in Central and Eastern Europe,' commented Bernd Spalt, CEO of Erste Group.
Separately, Erste Group and Commerzbank also decided to sign a cooperation agreement to offer Commerzbank's corporate clients easy access to Erste Group's knowledge and network in selected markets in Central and Southeast Europe.
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