Citigroup Agrees to Sell Hungarian Consumer-Bank Unit to Erste

Citigroup Inc. agreed to sell its consumer-banking business in Hungary to Austria’s Erste Group Bank AG to focus on corporate and public-sector clients.

The transaction includes Citigroup’s retail banking, consumer loans and cards businesses, the New York-based company said in a statement Wednesday, without disclosing the price. The deal is expected to be approved by regulators by the end of the year, Citigroup said.

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