Citi C today signed an agreement with Erste Bank Hungary Zrt.
and its subsidiary Erste Befektetési Zrt. (Erste Investment) to sell its
consumer banking business in Hungary. The sale includes Citi's retail
banking, consumer loans, cards businesses and the transfer of consumer
banking employees. This transaction is subject to regulatory approvals,
which are expected by the end of 2015. Transfer of customer accounts is
expected to be completed in Q4 2016. The financial terms of the
transaction are not material to Citi.
Citi will remain in Hungary and intends to focus on expanding the
services it offers to Hungarian corporations, financial institutions and
public sector clients. Citi will continue to service its multi-national
clients with
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