OTP may buy stake in Russia's Investsberbank
OTP Bank Rt, the biggest bank in Eastern Europe, may buy 25% or more of Russian lender Investsberbank, Bloomberg reported citing Russian daily Kommersant.
Investsberbank, Russia's 60th biggest bank by capital, may announce the sale of at least a 25% stake as early as this week, the newspaper said. Under Russian law, a stake that size gives the owner the right to block some board decisions.
OTP Chairman and CEO Sándor Csányi on May 24 said the bank would spend a total of €1.1 billion buying four foreign banks, including one in Russia, by the end of June.
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