Dow Jones

BUDAPEST - The Hungarian retail bank Citibank Rt, an arm of Citigroup Inc., is targeting a 7% to 10% share of the country's retail banking market over the next 36 months, Marc Luet, business manager for consumer banking, said at a press conference Tuesday.

Mr. Luet was speaking as Citibank's purchase of the Hungarian retail activities of Dutch ING Bank was approved, doubling its retail market share, to around 3%. Terms of the deal were not disclosed.

With its retail activities, Citibank is "consciously targeting customers with middle income and upwards," Mr. Luet said.

"Citibank has been a niche bank of affluent depositors in Hungary," he said.

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