OTP cancels contract to buy Romanian bank

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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 The appeal has now been withdrawn, OTP Bank said on Thursday.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.

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