By Cristina Roca

Erste Group Bank AG has agreed to buy Commerzbank AG's Hungarian corporate banking subsidiary for an undisclosed amount.

The Austrian bank will take over 100% of Commerzbank Zrt., including its customer portfolio and head office building in Budapest, it said Friday.

The sale is expected to close in the second half of 2022.

"Coming on the back of our purchase of the Hungarian online broker Random Capital earlier this year, this newest acquisition marks a further step in our pursuit of a targeted growth strategy in Central and Eastern Europe," Erste Group Chief Executive Bernd Spalt said.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

December 17, 2021 05:05 ET (10:05 GMT)

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