OTP cancels contract to buy Romanian bank

Sights

jessica fejos

OTP Bank Romania has cancelled its contract to acquire Banca Românească and other Romanian businesses from the National Bank of Greece, OTP Bank said on Thursday.  The contract was cancelled because conditions were not fulfilled on time.   

The acquisition failed to win the approval of the National Bank of Romania in March, but OTP Bank Romania had appealed the decision, reported Hungarian state news agency MTI. The appeal has now been withdrawn, OTP Bank said on Thursday.

OTP Bank announced the acquisition last summer, and it was approved by Romaniaʼs competition authority in December, which said the transaction would not harm free competition on the local banking market. The acquisition would have raised OTP Bankʼs market share in Romania to around 4%, which would have made it the countryʼs eighth-biggest bank.

ADVERTISEMENT

Business confidence falls slightly in June Analysis

Business confidence falls slightly in June

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.