OTPʼs Croatian subsidiary buys local peer

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LaMography/Moni Lazar

OTP banka Hrvatska, the Croatian subsidiary of Hungaryʼs OTP Bank, has signed an acquisition agreement on fully purchasing Splitska banka, a member of the French Société Générale Group, OTP Bank said in a Wednesday announcement on the Budapest Stock Exchange, Hungarian news agency MTI reported.

(Photo: Moni Lazar/LaMography)

Société Générale Splitska is the fifth biggest player on the Croatian banking market and, as a universal bank, has been active in both the retail and corporate segments. 

As a result of the acquisition, the market share of the OTP Group in Croatia will rise to approximately 10%.

The financial closure of the transaction is expected in summer 2017, and the integration process may be completed by summer 2018.

OTP Bank has been present in Croatia since 2005.

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