Banco Popolare, following obtaining the authorization from the competent Authorities, executed the contract based on which it sold its Hungarian subsidiary Banco Popolare Hungary to Magnet Hungarian Community Bank.
The consideration for the sale, equal to 0,5 million euros, was settled in cash and did not have a significant impact on Banco Popolare's consolidated income statement and balance sheet.
BP Hungary has an operational structure consisting of n. 10 branches and about 145 employees. The operation allows Banco Popolare to continue with its focus on the banking core business in Italy.
