Erste Group Acquires 100% of Commerzbank Hungary

PeopleExecutives ♦ Published: December 20, 2021; 15:52 ♦ (Vindobona)

Erste Bank Hungary Zrt. is acquiring Commerzbank’s Hungarian corporate banking subsidiary Commerzbank Zrt. Through this purchase, Erste is strengthening its position in the corporate banking business in Hungary.

"This newest acquisition marks a further step in our pursuit of a targeted growth strategy in Central and Eastern Europe." explains Bernd Spalt, CEO of Erste Group. / Picture: © Erste Bank

Erste will be taking over 100% of Commerzbank Zrt., including its customer portfolio and the bank’s head office building in Budapest.

Both banks signed the contract to this effect on 17 December 2021.

The transaction is still subject to approvals from antitrust and banking authorities. The conclusion of the sale and start of the operative implementation of the transaction is planned for the second half of 2022. …