Hungarian OTP Bank closes purchase of Russian DNB Bank

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OTP Bank said Wednesday it closed the purchase of 100% of Russia’s Donskoy Narodny Bank (DNB) in a $40.95 million transaction on Tuesday.

OTP Bank said it would start harmonizing the operations of DNB and OAO OTP Bank (formerly Investsberbank), its other unit in Russia. OTP Bank announced in November it agreed to buy DNB for $41 million. It said at the time the bank has almost 170,000 -- mainly retail -- clients, and it ended 2006 with total assets of $89.3 million. (MTI-Econews)

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