Commerzbank Hungary Clients Have Joined Erste Bank

Erste Bank Hungary has successfully integrated the clients and activities of Commerzbank's Hungarian subsidiary into its corporate business. With the technical closing of the acquisition, Erste Bank became Hungary's fifth largest corporate lender, with a market share exceeding 10 percent.

The customers of Commerzbank's Hungarian subsidiary, Commerzbank Plc., joined Erste Bank Hungary Zrt. smoothly, according to a statement released by Erste Bank. Commerzbank Zrt. carried out its last transactions on November 30. After that, Erste Bank took over the clients, current accounts, deposits and loans of Commerzbank Plc.

Clients joined Erste Bank's corporate business and were able to use the Erste Bank cards, previously sent to them, from December 2nd, while their new Erste Bank accounts were fully accessible on December 5th. From December customers can use Erste Bank's branches instead of Commerzbank's former branches in Hungary. With the technical closing of the transaction, Erste Bank's corporate loan portfolio reached HUF 1,200 billion, making the financial institution the fifth largest corporate lender in Hungary and its market share exceeds 10%.

Erste Bank Hungary, which turns 25 this year, has now completed its 10th successful acquisition by integrating Commerzbank. We are proud of the fact that we not only gained new clients through the transactions but also know-how with the employees who joined us that helped to increase the quality of our services, the CEO of Erste Bank, Radován Jelasity said.

It was on December 17, 2021 that Commerzbank AG, headquartered in Frankfurt, concluded an agreement with Erste Bank Hungary Zrt. to sell its Hungarian subsidiary. The sale of the Hungarian subsidiary bank is part of the Commerzbank 2024 Strategy published in February 2021, within the framework of which the bank is withdrawing from certain international markets, including Hungary, in order to streamline its network.

Commerzbank AG established its Hungarian subsidiary nearly 30 years ago and operated offices in three major cities in addition to the Budapest head office. Commerzbank Plc. serves local and international corporate clients. On the one hand, it supported the domestic, German and global activities of Hungarian companies, and on the other hand, it supported the Hungarian business of German and international clients. Commerzbank had a strong local market presence in the corporate lending, trade finance and foreign exchange business.

Commerzbank Zrt. provided exceptionally high-quality services in many areas – like trade financing - in which Erste Bank was not that strong before. The similarities in the service philosophies of the two financial institutions enabled an easy transition for clients, while Commerzbank Plc.'s products complement Erste's portfolio well, the head of Erste Bank's corporate business emphasized.