OTP has bid for United Bulgarian Bank, says Reuters

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Hungary’s OTP Bank, and Belgium’s KBC, have made separate bids to acquire United Bulgarian Bank (UBB), the Bulgarian subsidiary of the National Bank of Greece (NBG), Reuters reported yesterday, citing unnamed banking industry sources.

As part of a restructuring plan, the Greek central bank has been seeking buyers for Bulgaria’s fourth largest lender, in order to boost its capital position. NBG is also seeking to sell off its National Insurance arm, Reuters said.

“The data room is now closed. There are two offers, one by KBC and one by OTP,” Reuters quoted one of the sources. “A sale to one of the two bidders is likely to be agreed by the end of the year,” another source told the news wire.

OTP declined to comment on the report when asked by Reuters. However, OTP chief executive Sándor Csányi said last month the bank was looking at acquisition opportunities and would wrap up at least one deal within the next three months, the news agency added.

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