Citibank said it bought Europai Kereskedelmi Bank, a $266 million-asset commercial bank.

The acquisition makes Citicorp the eighth-largest commercial bank in Hungary, with $834 million of assets, eight branches, and a staff of more than 500. The deal is part of a worldwide effort by Citicorp to expand local banking operations. The bank said Monday that the acquisition will help expand operations with small and medium-sized local corporations.

Citicorp first moved into Hungary in 1985, when it set up Citicorp Rt, a local banking unit. The Hungarian bank was bought from Bank Austria and Italy's Cariplo.

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