OTP has bid for United Bulgarian Bank, says Reuters
Photo by Jessica Fejos
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.
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.