EBKDY Ersta Group Bank AG (PK)

By Emese Bartha

Citigroup Inc. (C) Wednesday said it has agreed to sell its consumer banking business in Hungary to Erste Bank Hungary Zrt and its subsidiary Erste Investment for an undisclosed amount, as part of a global move by Citi to shed smaller operations.

The transaction includes Citi's retail banking, consumer loans, cards businesses and the transfer of consumer banking employees. The sale is subject to regulatory approvals, which are expected by the end of 2015.

Transfer of customer accounts is expected to be completed in the fourth quarter of 2016. The financial terms of the transaction aren't material to Citi, it said.

Citi will remain in Hungary, retaining its corporate business and focusing on expanding the services it offers to Hungarian corporations, financial institutions and public sector clients.

Write to Emese Bartha at Emese.Bartha@wsj.com

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September 02, 2015 06:34 ET (10:34 GMT)

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