OTP Closes Acquisition of Majority Stake in Uzbek Lender
Tupungato/Shutterstock.com
OTP Bank, Hungary's biggest commercial lender, announced on Tuesday the close of the acquisition of a 73.71% stake in Uzbekistan's Ipoteka Bank from the state, according to a report by state news wire MTI.
With the transaction, OTP has become the first foreign lender to participate in the privatization of Uzbekistan's banking sector.
In the next step of the transaction, the remaining shares of Ipoteka Bank held by Uzbekistan's Ministry of Economy and Finance will be purchased in three years.
Ipoteka Bank is Uzbekistan's fifth-largest lender, with a 7.6% market share based on total assets. Its loan book grew at an average annual rate of 20% over the past three years, while its deposit stock climbed at an average annual rate of 24%. Ipoteka Bank is active in both the retail and corporate segments. It has around 1.5 million retail clients.
OTP agreed to acquire close to 97% of Ipoteka Bank under a contract signed in December 2022.
Gránit Bank Balance Sheet Close to HUF 1.4 tln
Hungary Expects Progress From EU on Erasmus+ Matter
Real Estate Closes Strongest Month This Year in April
7th Edition of BSC Charity Beach Volleyball Tournaments Comi...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
