OTP buys Ukraine's Raiffeisen
Retail bank OTP Bank Rt concluded a purchase agreement in Vienna yesterday for the acquisition of a 100% stake in Raiffeisenbank Ukraine (RBUA), the bank announced.
Based on its total assets of €1.2 billion at the end of 2005, RBUA has a market share of 3.6% and is Ukraine's seventh largest bank. The bank had shareholders' equity of €139 million at the end of 2005 and had a pre-tax profit of €39.7 million last year.
The closing of the transaction and the transfer of the purchase price are expected in September.
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