Erste Group Bank AG (WBAG:EBS) agreed to acquire Commerzbank Zrt. from Commerzbank AG (XTRA:CBK) on December 17, 2021. As a part of transaction, Erste Group Bank AG will acquire Commerzbank's customer portfolio and head office building in Budapest.

Transaction is expected to close in the second half of 2022. The transaction is still subject to approvals from antitrust and banking authorities. Beyond the sale, Erste Group and Commerzbank have agreed to enter into a comprehensive cooperation agreement that will offer Commerzbank's corporate clients easy access to Erste Group's extensive knowledge and network in selected markets in Central and Southeast Europe.

As of September 6, 2022 Erste Bank Hungary has been given regulatory approval to proceed with its acquisition of Commerzbank Zrt. Erika Papp and Andreas Köhler of CMS Cameron McKenna LLP acted as legal advsior to Commerzbank AG.