Austria’s Erste Bank der oesterreichischen Sparkassen will acquire a majority stake in Intermarket Bank, Banking Times reports. Erste Bank will buy a 56.2% stake from the Commerzbank subsidiary, BRE Bank. The bank already holds a 22.4% stake in Intermarket Bank, which also operates in Poland, Slovakia, Slovenia, Czech Republic and Hungary. The financial details of the transaction have not been disclosed. The deal is expected to be closed by the end of 2011.
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