OTP not to submit bid for BAWAG Bank

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OTP Bank Nyrt announced that the bank would not bid for the Vienna-based BAWAG P.S.K.
On Friday the bank's press department denied a report published in the Austrian daily Der Standard that the bank intends to submit a joint bid with US billionaire György Soros for BAWAG. Both OTP Chairman Sándor Csányi and deputy CEO Lászlo Wolf had indicated over the past summer that OTP might be interested in buying BAWAG. On August 14, Wolf stated, "If a bank of such a significant size is sold in a neighbouring country and there is a chance of acquiring it under very good conditions, we cannot afford to pass up the opportunity to examine the possibility." However, Wolf added the following caveat during the interview: "There will be much competition for the bank and the smaller growth on Austria's market relative to the market in Eastern Europe must be taken into consideration when pricing the bank." (Mti-Eco)

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