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Banco Popolare Sc to Sell 100% Stake in Banco Popolare Hungary to MagNet Hungarian Community Bank

Tuesday, 2 Apr 2013 03:14am EDT 

Banco Popolare Sc announced that it has signed an agreement with MagNet Hungarian Community Bank for the transfer of 100% of the share capital of Banco Popolare Hungary, the group’s Hungarian subsidiary company, to Hungarian-based MagNet Bank. The Transaction is subject to the obtaining of the necessary authorizations by the competent supervisory authorities. The consideration, equal to EUR 0.5 million, will be made on a cash basis and does not entail any significant impact on the consolidated financial statements of Banco Popolare. Banco Popolare Hungary was acquired by Banco Popolare in 2007, with total assets of EUR 133 million as at year-end 2012 and with an operating structure of 10 branch outlets and approximately 145 employees. KPMG CORPORATE FINANCE acted as financial and Clifford Chance as legal advisors for Banco Popolare, while Robert Mezei Law Office acted as legal advisor for MagNet. 

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18 Dec 2014