Citibank Completes Acquisition of Hungarian Bank.NEW YORK--(BUSINESS WIRE)--Aug. 10, 1998--Citibank said today that it has completed its acquisition of Europai Kereskedelmi Bank (EKB EKB Ekaterinburg EKB Edgeworth-Kuiper Belt EKB Employment Knowledge Base EKB Enabling Key Block ), a commercial bank based in Budapest. As a result, Citibank Hungary will operate eight branches, employ more than 500 people and have a market share of some 3%. The combined institution ranks eighth among commercial banks in Hungary with assets of $834 million. The acquisition is in keeping with Citibank's strategy to deepen deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. deepen Verb to make or become deeper or more intense Verb 1. its presence as an embedded Inserted into. See embedded system. bank in markets worldwide. Citibank Hungary, in addition to serving consumers and multinational and large local companies, will expand its services to small and medium-sized local corporations. Citibank acquired EKB from Bank Austria Bank Austria Creditanstalt is a Central and Eastern European bank, 96.35% owned by UniCredit Group. BA-CA's history goes as far back as 1855, the year the Creditanstalt was founded. and Cariplo, an Italian bank. EKB, which has six branches and assets of $266 milllion, is focused primarily on small and medium-sized local corporations. It also has a small consumer business. The purchase price was not disclosed. Citibank, which was established in Hungary in 1985, provides services to both corporations and consumers through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Citibank Rt.
CONTACT: Citibank, New York
Media: Richard J. Howe, 212/559-9425
Investor: Sheri Ptashek, 212/559-4658
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion