OTP Bank purchases remaining 25% of home leasing company
OTP Bank Nyrt, eastern Europe's largest lender by market value, said it bought the 25% stake it didn't already own in a Hungarian home leasing company. Budapest-based OTP bought the stake from SCD Group for an undisclosed price and will rename it OTP Lakáslízing Zrt, the Hungarian lender said in a statement on the Budapest Stock Exchange Web site yesterday. OTP initially bought 75% of the company for Ft 210 million ($949 million) in November last year. Home loans drove OTP's profit from 2002 through 2004 as the government subsidized mortgages. Competition for loans has since increased because many consumers already took out home loans and the government began reducing subsidies to cut its budget deficit. (Bloomberg)
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.