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Austrian bank Erste buys BNP Paribas private banking business in Hungary

Hungary’s second-largest bank by market share, Erste Bank has bought BNP Paribas Wealth Management in Hungary. The acquisition of the French bank’s wealth management arm will include 60 billion forints (US$268 million) worth of assets under management, bolstering Erste’s share of the private banking market in Hungary from 9% to 12% while also increasing its number of high net-worth clients…

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