Citi to Sell Consumer Bank in Hungary; Financial Terms Not Disclosed

Citi

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