OTP Bank said in February it had selected Groupama to buy its insurance unit OTP Garancia and form a long-term partnership with the bank for a total consideration of Ft 164 billion (€617 million). OTP Bank said Groupama would acquire 100% of OTP Garancia.
The European Commission has cleared the acquisition, as has Hungarian market regulator PSzAF. The transaction is expected to close in Q3 2008. (MTI-Econews)
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